The financial statements of Alinma Bank showed that the profits of the bank in the first quarter of this year decreased by 42% on an annual basis.

According to the results of the bank for the Saudi market (Tadawul) today, Sunday, the profits of the period amounted to 370 million riyals, compared to profits of 638 million riyals for the first quarter of 2019. p>

The bank said in a statement to the Stock Exchange that despite the increase in income from financing and investments 15%, net income for the first quarter of 2020 decreased due to an increase in operating expenses 48% due to an increase Credit provisions compared to the same quarter of 2019, and losses on revaluation of investments.

By comparing the bank’s profits with the previous quarter directly (the fourth quarter of 2019), those profits fell by about 27.3%, as the bank recorded profits in the quarter amounting to 509 million riyals.