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Alinma Bank announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )

ALINMA 1150 0.20% 25.15 0.05
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Total Revenue from Special Commissions/Financing & Investments 1,465 1,290 13.565 1,378 6.313
Net Income from Special Commissions/Financing & Investments 1,160 987 17.527 1,080 7.407
Total Operation Profit (Loss) 1,441 1,212 18.894 1,364 5.645
Net Profit (Loss) 713 637 11.93 676 5.473
Total Comprehensive Income 739 628 17.675 722 2.354
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 4,151 3,589 15.658
Net Income from Special Commissions/Financing & Investments 3,233 2,826 14.401
Total Operation Profit (Loss) 4,095 3,552 15.287
Net Profit (Loss) 2,026 1,810 11.933
Total Comprehensive Income 2,119 1,786 18.645
Total Share Holders Equity (after Deducting Minority Equity) 21,931 20,212 8.504
Assets 128,010 120,206 6.492
Investments 22,745 17,641 28.932
Loans and Advances Portfolio (Financing & Investment) 90,785 83,171 9.154
Customer Deposits 99,837 89,868 11.092
Profit (Loss) per Share 1.36 1.21
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 19%, mainly due to the increase in net income from financing and investments in addition to increase in the income from FVIS Investment and exchange income Partly offset by the lower income from fees from banking services.

On the other hand, the total operating expenses increased by 17% due to the increase in the General & Admin, depreciation and the employees related expenses partly offset by lower Rental expenses.

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 7%.

On the other hand, the total operating expenses increased by 6% due to the higher General & Admin expenses and employees related expenses partly offset by lower provision for impairments.

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 15%, mainly due to the increase in net income from financing and investments in addition to increase in income from FVSI and Exchange Income .

On the other hand, the total operating expenses increased by 8% mainly due to higher 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 792 million for the current quarter compared to SAR 653 million in the similar quarter of the previous year with an increase of SAR 139 million. Moreover, net income after zakat reached to SAR 713 million for the current quarter compared to SAR 637 million for the similar quarter of the previous year with an increase of SAR 76 million.

Net income before zakat reached to SAR 2,251 million for the current period compared to SAR 1,856 million in the similar period of the previous year with an increase of SAR 395 million. Moreover. net income after zakat reached to SAR 2,026 million for the current period compared to SAR 1,810 million for the similar period of the previous year with an increase of SAR 216 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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