Riyadh – Mubasher: Alinma Bank’s net profits went down by 11.8% in the third quarter (Q3) of 2020 to stand at SAR 629 million, compared with SAR 713 million in the corresponding quarter in 2019.

The lender’s revenues hit SAR 1.337 billion in Q3-20, an annual retreat of 7.3%, according to a stock exchange statement on Tuesday.

The net income for the quarter decreased mainly due to the higher impairment charges, despite the rise in net income from financing and investments by 3% and total operating income by 3%.  

Over the first nine months of the year, the net earnings tumbled by 22.4% to SAR 1.572 billion.