Riyadh - Mubasher: Alinma Bank achieved an increase of 11.93% in net profits during the third quarter of 2019 when compared to the same period a year ago.

Net profits soared to SAR 713 million in Q3-19 from SAR 637 million in Q3-18, according to a bourse disclosure on Tuesday.

Quarter-on-quarter, the Saudi bank reported a growth of 5.473% in net profits in Q3-19 when compared to SAR 676 million in Q2-19.

Furthermore, Alinma Bank registered a total revenue, from special commission/financing and investments, at a total value of SAR 1.46 billion in Q3-19, 13.565% higher than SAR 1.29 billion in Q3-18.

During the nine-month period of 2019, the bank achieved a surge of 11.933% in net profits to SAR 2.026 billion from SAR 1.81 billion during the period from January to September 2019.

Revenues soared by 15.658% to SAR 4.151 billion in the first nine months of 2019 when compared to SAR 3.589 billion in the corresponding period last year.

By the end of the nine-month period on 30 September 2019, Alinma Bank’s assets totalled SAR 128 billion, higher by 6.492% when compared to SAR 120.2 billion in the same period in 2018.

The bank attributed the increase in 9M-19 net profits to “the increase of total operating income by 15%, mainly due to the increase in net income from financing and investments, in addition, to increase in income from FVSI and Exchange Income.”

Total operating income stood at SAR 4.095 billion over the first nine months of 2019 from SAR 3.552 billion in the same period a year earlier.