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Sat 16 Jan 2010 07:01 PM

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Saudi Alinma Bank sees Q4 net profit fall

Media campaign partly blamed for Q4's operational costs as net profit falls by 85%.

Saudi Alinma Bank sees Q4 net profit fall
PROFIT FALL: A media campaign and the opening of new branches causes Alinmas net profit to fall. (Getty Images)

Newly launched Saudi bank Alinma said on Saturday its fourth quarter net profit fell 85 percent from the previous quarter due to increased operational costs.The bank, which opened its first retail banking branches in July, made $1.49 million in the fourth quarter, compared to earnings of 38.6 million riyals in the third-quarter.

Operational profits reached $36.8 million in the quarter, while deposits amounted to $399.99 million and investments stood at $266.66 million.

In a statement on the bourse website, the bank said: "The reason for the decline in the net profits for the fourth quarter... is increased operational costs of the media campaign in the fourth quarter and the cost of new branches." (Reuters)

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