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