DUBAI: Saudi Arabia's Alinma Bank reported a 12.1 percent rise in second-quarter net profit on Thursday, in line with the average forecasts of analysts, as expenses dropped. Net profit in the three months to June 30 was SR409 million ($109.1 million), compared to SR365 million in the same period last year, it said in a bourse statement.
Four analysts polled by Reuters forecast on average the lender would make a quarterly net profit of SR395.3 million. Alinma, the tenth-largest bank in the kingdom by assets, cited an 18 percent fall in total operating expenses for the profit rise, mainly due to a decrease in provisions relating to financing and investments.
This helped alleviate a 4.5 percent year-on-year decline in total operating income to SR808 million.
Saudi companies issue brief earnings statements early in the reporting period before publishing detailed results later.
Alinma Bank net profit rises to SR409 million
-
{{#bullets}}
- {{value}} {{/bullets}}