Alinma Bank’s net profit rises 3% in 9M 2016

Alinma Bank’s net profit rises 3% in 9M 2016

16/10/2016 Argaam Exclusive

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Alinma Bank, Saudi Arabia’s second largest Islamic bank by assets, reported a net profit of SAR 1.11 billion for the first nine months of 2016, a 2.6 percent year-on-year (YoY) increase, which was attributed to higher total operating income.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Net Income from investments and financial activities 1,707.97 1,925.49 12.7 %
Operating Income 2,283.04 2,382.92 4.4 %
Total Provisions (158.58) (79.16) 50.1 %
Net Income 1,084.06 1,112.05 2.6 %
Average Shares 2,500.00 2,500.00 -
EPS (Riyals) 0.43 0.44 2.6 %

The bank’s third quarter net profit shrank 17 percent YoY to SAR 312 million as total operating expenses increased mainly due to higher financing and investments provision, along with an increase in general and administrative expenses. The Q3 profit was 23.7 percent lower compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Net Income from investments and financial activities 547.52 687.54 25.6 %
Operating Income 707.94 828.72 17.1 %
Debt Provisions (10.33) (41.43) (301.2 %)
Net Income 375.19 311.61 (16.9 %)
Average Shares 2,500.00 2,500.00 -
EPS (Riyals) 0.15 0.12 (16.9 %)

Balance Sheet (B)

Item 9m 2015 9m 2016 Change‬
Assets 82.39 102.94 24.9 %
Customer Deposits 60.38 77.32 28.1 %
Financing Investments 53.47 69.27 29.5 %


Financial results (Million)

Period Net Income from investments and financial activities Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2007 - - - - - - - - -
Q2 2007 - - - - - - - - -
Q3 2007 - - - - - - - - -
Q4 2007 - - - - - - - - -
Q1 2008 - - - - - - - - -
Q2 2008 - - - - - - - - -
Q3 2008 - - - - - - - - -
Q4 2008 - - - - - - - - -
Q1 2009 177.96 - 178.21 - - - 109.38 - 0.04
Q2 2009 152.81 - 153.56 - - - 67.92 - 0.03
Q3 2009 144.07 - 145.22 - - - 38.65 - 0.02
Q4 2009 470.66 - 476.99 - - - 395.57 - 0.16
Q1 2010 67.26 (62.2 %) 82.36 (53.8 %) - - (75.09) (168.7 %) (0.03)
Q2 2010 161.61 5.8 % 174.26 13.5 % - - 3.30 (95.1 %) 0.00
Q3 2010 187.50 30.1 % 191.04 31.6 % - - 20.21 (47.7 %) 0.01
Q4 2010 108.77 (76.9 %) 214.57 (55.0 %) (3.00) - 66.80 (83.1 %) 0.03
Q1 2011 219.18 225.9 % 261.71 217.8 % (2.00) - 70.23 193.5 % 0.03
Q2 2011 277.87 71.9 % 307.25 76.3 % (5.04) - 102.50 3007.9 % 0.04
Q3 2011 298.60 59.3 % 332.25 73.9 % (5.64) - 122.30 505.1 % 0.05
Q4 2011 315.91 190.4 % 487.05 127.0 % (112.06) (3,635.4 %) 136.30 104.1 % 0.05
Q1 2012 330.36 50.7 % 393.08 50.2 % (16.88) (743.8 %) 150.48 114.3 % 0.06
Q2 2012 346.36 24.7 % 484.15 57.6 % (67.41) (1,238.9 %) 179.42 75.0 % 0.07
Q3 2012 407.10 36.3 % 459.10 38.2 % (44.07) (681.9 %) 195.65 60.0 % 0.08
Q4 2012 433.31 37.2 % 489.72 0.5 % (26.01) 76.8 % 207.61 52.3 % 0.08
Q1 2013 443.27 34.2 % 521.71 32.7 % (51.03) (202.4 %) 221.41 47.1 % 0.09
Q2 2013 456.91 31.9 % 559.13 15.5 % (60.49) 10.3 % 241.46 34.6 % 0.10
Q3 2013 460.46 13.1 % 542.46 18.2 % (28.31) 35.8 % 262.03 33.9 % 0.10
Q4 2013 474.20 9.4 % 655.78 33.9 % (134.40) (416.6 %) 279.86 34.8 % 0.11
Q1 2014 512.62 15.6 % 599.84 15.0 % (24.98) 51.1 % 292.84 32.3 % 0.12
Q2 2014 501.80 9.8 % 611.44 9.4 % (15.65) 74.1 % 307.66 27.4 % 0.12
Q3 2014 529.49 15.0 % 687.33 26.7 % (50.65) (78.9 %) 331.34 26.4 % 0.13
Q4 2014 531.05 12.0 % 721.31 10.0 % (70.40) 47.6 % 332.60 18.8 % 0.13
Q1 2015 550.00 7.3 % 729.60 21.6 % (70.12) (180.8 %) 344.11 17.5 % 0.14
Q2 2015 610.46 21.7 % 845.51 38.3 % (78.13) (399.3 %) 364.76 18.6 % 0.15
Q3 2015 547.52 3.4 % 707.94 3.0 % (10.33) 79.6 % 375.19 13.2 % 0.15
Q4 2015 570.72 7.5 % 779.70 8.1 % (37.59) 46.6 % 385.92 16.0 % 0.15
Q1 2016 611.17 11.1 % 734.32 0.6 % (13.03) 81.4 % 391.32 13.7 % 0.16
Q2 2016 626.79 2.7 % 819.89 (3.0 %) (24.70) 68.4 % 409.12 12.2 % 0.16
Q3 2016 687.54 25.6 % 828.72 17.1 % (41.43) (301.2 %) 311.61 (16.9 %) 0.12

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - 64.42 %
Q1 2010 2.44 % 2.75 % 50.85 %
Q2 2010 1.74 % 2.33 % 42.49 %
Q3 2010 1.71 % 2.21 % 38.01 %
Q4 2010 0.07 % 0.10 % 2.74 %
Q1 2011 0.66 % 1.03 % 22.24 %
Q2 2011 0.91 % 1.67 % 30.56 %
Q3 2011 1.26 % 2.31 % 37.34 %
Q4 2011 1.36 % 2.74 % 36.42 %
Q1 2012 1.47 % 3.24 % 39.27 %
Q2 2012 1.54 % 3.69 % 42.61 %
Q3 2012 1.58 % 4.11 % 43.96 %
Q4 2012 1.61 % 4.50 % 44.83 %
Q1 2013 1.67 % 4.88 % 45.54 %
Q2 2013 1.70 % 5.19 % 45.78 %
Q3 2013 1.71 % 5.51 % 47.66 %
Q4 2013 1.72 % 6.00 % 49.72 %
Q1 2014 1.77 % 6.32 % 51.32 %
Q2 2014 1.78 % 6.61 % 53.15 %
Q3 2014 1.80 % 6.88 % 54.49 %
Q4 2014 1.76 % 7.27 % 55.32 %
Q1 2015 1.76 % 7.60 % 56.31 %
Q2 2015 1.80 % 7.76 % 55.92 %
Q3 2015 1.79 % 7.86 % 57.08 %
Q4 2015 1.73 % 8.10 % 57.71 %
Q1 2016 1.73 % 8.57 % 56.87 %
Q2 2016 1.73 % 8.60 % 55.56 %
Q3 2016 1.62 % 8.11 % 48.01 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Financing Investments Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 16.19 - 0.58 - 0.30 -
Q2 2009 16.61 - 0.54 - 0.42 -
Q3 2009 16.53 - 0.78 - 0.73 -
Q4 2009 17.31 - 1.50 - 1.11 -
Q1 2010 18.83 16.3 % 2.98 411.2 % 3.60 1095.0 %
Q2 2010 24.95 50.2 % 6.41 1091.6 % 8.43 1927.1 %
Q3 2010 23.77 43.8 % 6.79 767.2 % 13.75 1783.1 %
Q4 2010 26.67 54.1 % 8.32 455.3 % 15.59 1302.5 %
Q1 2011 29.61 57.2 % 11.31 280.3 % 20.38 466.6 %
Q2 2011 32.35 29.7 % 13.23 106.4 % 22.50 167.1 %
Q3 2011 33.85 42.4 % 15.85 133.6 % 24.06 74.9 %
Q4 2011 36.78 37.9 % 17.78 113.8 % 25.26 62.0 %
Q1 2012 39.87 34.7 % 21.33 88.5 % 27.61 35.5 %
Q2 2012 44.19 36.6 % 25.96 96.2 % 30.03 33.5 %
Q3 2012 49.85 47.3 % 28.57 80.2 % 35.00 45.4 %
Q4 2012 54.01 46.8 % 32.21 81.2 % 37.19 47.2 %
Q1 2013 56.24 41.0 % 34.36 61.1 % 39.42 42.8 %
Q2 2013 57.94 31.1 % 36.47 40.4 % 41.57 38.4 %
Q3 2013 59.14 18.6 % 37.62 31.7 % 41.91 19.8 %
Q4 2013 63.00 16.6 % 42.76 32.7 % 44.92 20.8 %
Q1 2014 65.44 16.4 % 45.14 31.4 % 45.81 16.2 %
Q2 2014 70.60 21.8 % 48.98 34.3 % 49.01 17.9 %
Q3 2014 75.46 27.6 % 53.39 41.9 % 50.22 19.8 %
Q4 2014 80.86 28.3 % 59.43 39.0 % 53.64 19.4 %
Q1 2015 83.69 27.9 % 61.56 36.4 % 55.01 20.1 %
Q2 2015 81.84 15.9 % 60.59 23.7 % 53.39 8.9 %
Q3 2015 82.39 9.2 % 60.38 13.1 % 53.47 6.5 %
Q4 2015 88.72 9.7 % 65.69 10.5 % 57.01 6.3 %
Q1 2016 91.61 9.5 % 68.79 11.7 % 60.25 9.5 %
Q2 2016 98.19 20.0 % 74.17 22.4 % 66.49 24.5 %
Q3 2016 102.94 24.9 % 77.32 28.1 % 69.27 29.6 %

Ratios

Period Customer Deposits Per Total Assets Financing Investments/Customer Deposits Financing Investments/Total Assets
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 3.60 % 51.70 % 1.86 %
Q2 2009 3.24 % 77.28 % 2.50 %
Q3 2009 4.73 % 93.34 % 4.42 %
Q4 2009 8.65 % 74.25 % 6.42 %
Q1 2010 15.80 % 120.88 % 19.10 %
Q2 2010 25.69 % 131.46 % 33.77 %
Q3 2010 28.55 % 202.67 % 57.86 %
Q4 2010 31.18 % 187.51 % 58.47 %
Q1 2011 38.21 % 180.11 % 68.82 %
Q2 2011 40.91 % 170.06 % 69.57 %
Q3 2011 46.83 % 151.82 % 71.09 %
Q4 2011 48.33 % 142.09 % 68.67 %
Q1 2012 53.49 % 129.43 % 69.24 %
Q2 2012 58.75 % 115.68 % 67.96 %
Q3 2012 57.31 % 122.51 % 70.21 %
Q4 2012 59.64 % 115.44 % 68.85 %
Q1 2013 61.10 % 114.72 % 70.09 %
Q2 2013 62.94 % 113.99 % 71.74 %
Q3 2013 63.61 % 111.41 % 70.87 %
Q4 2013 67.88 % 105.05 % 71.31 %
Q1 2014 68.97 % 101.49 % 70.00 %
Q2 2014 69.37 % 100.07 % 69.42 %
Q3 2014 70.75 % 94.07 % 66.55 %
Q4 2014 73.49 % 90.26 % 66.33 %
Q1 2015 73.56 % 89.37 % 65.74 %
Q2 2015 74.03 % 88.11 % 65.23 %
Q3 2015 73.28 % 88.56 % 64.90 %
Q4 2015 74.04 % 86.77 % 64.25 %
Q1 2016 75.08 % 87.59 % 65.77 %
Q2 2016 75.54 % 89.65 % 67.72 %
Q3 2016 75.11 % 89.60 % 67.30 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2007 - - - - -
Q2 2007 - - - - -
Q3 2007 - - - - -
Q4 2007 - - - - -
Q1 2008 - - - - -
Q2 2008 - - - - -
Q3 2008 - - - - -
Q4 2008 - - - - -
Q1 2009 2,500.00 - - - 6.20
Q2 2009 2,500.00 - - - 6.22
Q3 2009 2,500.00 - - - 6.24
Q4 2009 2,500.00 0.24 0.24 - 6.24
Q1 2010 2,500.00 0.17 0.17 - 6.21
Q2 2010 2,500.00 0.14 0.14 - 6.21
Q3 2010 2,500.00 0.14 0.14 - 6.22
Q4 2010 2,500.00 0.01 0.01 - 6.25
Q1 2011 2,500.00 0.06 0.06 - 6.22
Q2 2011 2,500.00 0.10 0.10 - 6.26
Q3 2011 2,500.00 0.14 0.14 - 6.30
Q4 2011 2,500.00 0.17 0.17 - 6.36
Q1 2012 2,500.00 0.20 0.20 - 6.43
Q2 2012 2,500.00 0.24 0.24 - 6.49
Q3 2012 2,500.00 0.26 0.26 - 6.58
Q4 2012 2,500.00 0.29 0.29 - 6.67
Q1 2013 2,500.00 0.32 0.32 - 6.76
Q2 2013 2,500.00 0.35 0.35 - 6.85
Q3 2013 2,500.00 0.37 0.37 - 6.97
Q4 2013 2,500.00 0.40 0.40 - 6.73
Q1 2014 2,500.00 0.43 0.43 - 6.86
Q2 2014 2,500.00 0.46 0.46 - 6.98
Q3 2014 2,500.00 0.48 0.48 - 7.12
Q4 2014 2,500.00 0.51 0.51 - 7.18
Q1 2015 2,500.00 0.53 0.53 - 6.98
Q2 2015 2,500.00 0.55 0.55 - 7.16
Q3 2015 2,500.00 0.57 0.57 - 7.29
Q4 2015 2,500.00 0.59 0.59 - 7.34
Q1 2016 2,500.00 0.61 0.61 - 7.18
Q2 2016 2,500.00 0.62 0.62 - 7.36
Q3 2016 2,500.00 0.60 0.60 - 7.49

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - 1.02
Q2 2009 - - 1.27
Q3 2009 - - 1.29
Q4 2009 31.15 31.15 1.22
Q1 2010 45.31 45.31 1.25
Q2 2010 44.91 44.91 1.05
Q3 2010 47.97 47.97 1.06
Q4 2010 More than 100 More than 100 1.01
Q1 2011 More than 100 More than 100 0.95
Q2 2011 More than 100 More than 100 0.95
Q3 2011 38.35 38.35 0.88
Q4 2011 32.52 32.52 0.88
Q1 2012 45.74 45.74 1.46
Q2 2012 31.22 31.22 1.13
Q3 2012 29.35 29.35 1.18
Q4 2012 26.29 26.29 1.16
Q1 2013 24.62 24.62 1.17
Q2 2013 23.64 23.64 1.20
Q3 2013 22.60 22.60 1.21
Q4 2013 22.24 22.24 1.33
Q1 2014 25.99 25.99 1.63
Q2 2014 23.91 23.91 1.56
Q3 2014 30.40 30.40 2.07
Q4 2014 24.19 24.19 1.70
Q1 2015 25.14 25.14 1.89
Q2 2015 24.67 24.67 1.89
Q3 2015 17.83 17.83 1.39
Q4 2015 15.07 15.07 1.21
Q1 2016 12.67 12.67 1.07
Q2 2016 12.55 12.55 1.07
Q3 2016 11.40 11.40 0.91

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage Others
Q1 2009 - 1.62 78.68 - 97.92
Q2 2009 0.28 2.06 52.48 - 98.74
Q3 2009 1.34 12.20 10.83 - 120.85
Q4 2009 2.36 75.24 265.12 - 134.28
Q1 2010 5.35 30.44 12.81 0.17 33.59
Q2 2010 13.64 108.23 28.30 0.33 23.77
Q3 2010 12.97 93.34 60.71 0.60 23.42
Q4 2010 21.67 100.90 67.58 1.17 23.24
Q1 2011 48.00 105.04 50.02 3.38 55.28
Q2 2011 66.60 140.07 42.92 3.42 54.23
Q3 2011 75.31 143.91 53.83 3.05 56.16
Q4 2011 110.96 416.19 120.17 5.41 (165.67)
Q1 2012 85.88 162.19 81.98 6.30 56.74
Q2 2012 99.58 254.50 65.85 8.44 55.78
Q3 2012 109.11 205.78 77.24 8.21 58.77
Q4 2012 159.16 355.93 130.58 15.34 (171.28)
Q1 2013 145.56 267.62 103.74 4.79 -
Q2 2013 159.00 269.96 112.21 17.96 -
Q3 2013 163.71 265.82 102.78 10.15 -
Q4 2013 163.15 321.84 162.65 8.14 -
Q1 2014 186.32 270.65 133.18 9.69 -
Q2 2014 211.90 266.07 107.79 25.61 -
Q3 2014 217.99 326.18 116.88 26.28 -
Q4 2014 224.12 332.08 137.48 27.63 -
Q1 2015 247.68 326.48 123.74 31.70 -
Q2 2015 264.91 380.71 163.50 36.38 -
Q3 2015 266.23 333.07 78.56 30.08 -
Q4 2015 262.89 394.75 87.07 35.00 -
Q1 2016 271.68 317.10 105.45 40.10 -
Q2 2016 279.19 357.18 139.50 44.01 -
Q3 2016 296.86 369.34 121.78 40.73 -

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 411.24 311.61 (24.2 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
Sico 393.00 311.61 (20.7) %
Alistithmar Capital 404.50 311.61 (23.0) %
AlJazira Capital 405.90 311.61 (23.2) %
Value Capital 425.80 311.61 (26.8) %
Albilad Capital 427.00 311.61 (27.0) %


Financial Ratios
Current
Market Cap (M) 77,250.00
Shares Outstanding ((M)) 2,500.00
EPS ( Riyal) (TTM) 2.07
EPS Diluted ( Riyal) (TTM) 2.01
Book Value (BV) ( Riyal) 12.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.90
P/E (TTM) 14.90
Price/book 2.52
Return on Average Assets (%) (TTM) 2.3
Return on Average Equity (%) (TTM) 17.6
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Share Price

Alinma Bank
30.90
0.05 0.16 %

Alinma Bank (ALINMA)

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