Riyadh – Mubasher: Alinma Bank posted a 21.8% year-on-year net profit growth in the first quarter of 2019.

The Saudi lender’s profits amounted to SAR 709 million in Q1-19, compared to SAR 582 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

On a quarterly basis, the bank’s profits rose 7.3% from SAR 661 million in Q4-18.

Alinma Bank’s assets increased by 6.9% to SAR 121.79 million in the first three months of 2019 from SAR 113.95 million in the corresponding period a year earlier.

The net profit growth was ascribed to a 16% increase in total operating income on the back of higher financing and investment income, along with an increase in fees from banking services and income from fair value through income statement (FVIS) financial instruments.

On the other hand, total operating expenses rose 9% primarily on the back of higher employee costs, depreciation, and general expenses.

“For calculation of earnings per share (EPS), 10 million treasury shares have been excluded,” the statement added.

For the full-year 2018, the Saudi bank’s net profits soared 25.16%, logging SAR 2.517 billion, compared to SAR 2.011 billion a year earlier.