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Alinma Bank announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )

Default Company 1150.O 0.00% 0.00 0.00
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Total Revenue from Special Commissions/Financing & Investments 1,378 1,186 16.188 1,307 5.432
Net Income from Special Commissions/Financing & Investments 1,080 942 14.649 993 8.761
Total Operation Profit (Loss) 1,364 1,231 10.804 1,290 5.736
Net Profit (Loss) 676 606 11.551 638 5.956
Total Comprehensive Income 722 601 20.133 658 9.726
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Total Revenue from Special Commissions/Financing & Investments 2,686 2,299 16.833
Net Income from Special Commissions/Financing & Investments 2,073 1,839 12.724
Total Operation Profit (Loss) 2,654 2,341 13.37
Net Profit (Loss) 1,314 1,173 12.02
Total Comprehensive Income 1,380 1,158 19.17
Total Share Holders Equity (after Deducting Minority Equity) 21,179 19,588 8.122
Assets 123,479 116,775 5.74
Investments 21,288 16,191 31.48
Loans and Advances Portfolio (Financing & Investment) 87,667 82,129 6.743
Customer Deposits 92,816 88,938 4.36
Profit (Loss) per Share 0.88 0.79
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to Net income increased due to the increase of total operating income by 11%, mainly due to the increase in net income from financing and investments in addition to increase in the income from FVIS Investment Partly offset by the lower income from fees and dividends.

On the other hand, the Increase in Depreciation and General & Admin expenses were completely offset by the decline in provision and Rental Expense.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Net income increased mainly due to the increase in net income from financing and investment by 9%.

On the other hand, the total operating expenses increased by 5% due to the higher provision for impairments partly offset by lower employees and rent expenses.

Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to Net income increased due to the increase of total operating income by 13%, mainly due to the increase in net income from financing and investments in addition to increase in income from FVSI, fees and Exchange Income .

On the other hand, the total operating expenses increased by 4% mainly due to employee costs, depreciation and other general expenses, partly offset by the lower provision and rent expense.

Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None
Reclassification of Comparison Items In pursuance of complying with IFRSs that are endorsed in KSA, the Bank has amended its accounting policy to charge the zakat expense for the period to the consolidated statement of income whereas the corresponding liability will continue to be recognized in the consolidated statement of financial position. Previously, zakat and income tax was charged directly to the consolidated statement of changes in equity.

Moreover, some of the previous period numbers have been reclassified to conform current period presentation.

Additional Information For calculation of earning per share, 10 million treasury shares have been excluded.

Net income before zakat reached to SAR 751 million for the current quarter compared to SAR 621 million in the similar quarter of the previous year with an increase of SAR 130 million. Moreover, net income after zakat reached to SAR 676 million for the current quarter compared to SAR 606 million for the similar quarter of the previous year with an increase of SAR 70 million.

Net income before zakat reached to SAR 1,459 million for the current period compared to SAR 1,203 million in the similar period of the previous year with an increase of SAR 256 million. Moreover. net income after zakat reached to SAR 1,314 million for the current period compared to SAR 1,173 million for the similar period of the previous year with an increase of SAR 141 million.

Starting from the quarter ended 30 June 2019, Zakat is to be accrued at end of each financial reporting period and recognized in consolidated statement of income with a corresponding liability recognized in the consolidated statement of financial position in accordance with International Financial Reporting Standards (IFRS) and other standards and pronouncements endorsed by SOCPA.

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