JEDDAH: Alinma Bank’s profit fell by 85 percent in the fourth quarter of 2009 as its net income amounted to SR5.6 million ($1.49 million), compared to SR38.6 million ($10.29 million) for the previous quarter, according to a posting on the Saudi stock market (Tadawul) website on Saturday.
The posting, made by Abdulmohsen Al-Fares, CEO of the bank, says operating income for the said period stood at SR138 million, while net income from investing and financing activities stood at SR138 million. Earnings per share for the period amounted to SR0.40.
Among the reasons for the fall in income, according to Alinma, is the increase in operating expenses of the media campaign and the new branches.
The bank said total assets amounted to SR17.31 billion, investments amounted to SR1.00 billion, due from banks and other financial institutions amounted to SR13.85 billion, financing portfolio amounted to SR1.13 billion, and the customers deposits amounted to SR1.50 billion.