Alinma Bank announces the interim consolidated financial results for the period ended March 31, 2010 as follows:
1.Net loss for the first quarter amounted to SAR 75 million, compared to net income of SAR 109 million for the same quarter of previous year, and compared to a net income of SAR 5.6 million for the previous quarter.
2.Total operating income for the first quarter amounted to SAR 82 million compared to SAR 178 million for the same quarter of previous year with a decrease of 54%.
3.Net income from investing and financing activities for the first quarter amounted to SAR 67 million compared to SAR 178 million for the same quarter of previous year with a decrease of 62%.
4.Loss per share for the three months period amounted to SAR 0.05 compared to earnings per share of SAR 0.07 for the same period of previous year.
5.Total assets amounted to SAR 18,833 million compared to SAR 16,187 million for the same period of previous year with an increase of 16%, investments amounted to SAR 1,567 million compared to SAR 2,348 million for the same period of previous year with a decrease of 33%, due from banks and other financial institutions amounted to SAR 12,384 million compared to SAR 12,890 million for the same period of previous year with a decrease of 4%,financing portfolio amounted to SAR 3,596 million compared to SAR 301 million for the same period of previous year with an increase of 1,095%,and the customers deposits amounted to SAR 2,975 million compared to SAR 582 million for the same period of previous year with an increase of 411%.
6.The reasons for the decrease in net income for the quarter compared to the same quarter of previous year are the lower rate of return on investments and the increase in operating expenses as a result of the actual launch of the banks activities and operating new branches and ATMs while there were no operating branches or ATMs during the same period of previous year
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