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REUTERS
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 409 million riyals ($109.1 million), compared to 365 million riyals 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 395.3 million riyals. 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 808 million riyals. Saudi companies issue brief earnings statements early in the reporting period before publishing detailed results later.