Saudi Amlak International achieves 129% net income growth in H1 2020 – ZAWYA

Saudi Amlak International achieves 129% net income growth in H1 2020 – ZAWYA

Saudi Amlak International achieves 129% net income growth in H1 2020 Amlak's total financing portfolio increased to $933mln across its individual and corporate book    A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020. The results for the period included a SR6.4 million impairment allowance for expected credit losses (ECL), increasing credit provision from SR89.7 million as at December 2019 to SR96.1 million as at June 2020. The increase results from the expected impact of the COVID-19 pandemic to the company's business.Commenting on first half performance, Abdullah Al Sudairy, CEO of Amlak International, said: "The second quarter was a challenging period for businesses across the Kingdom, as measures to contain the COVID-19 pandemic impacted the economy. Despite these headwinds, we have seen growth in our lending portfolio. "Top- and bottom-line performance remains healthy. As demonstrated by our own performance, we believe that the current situation is challenging but remains acceptable, and we believe in positive long-term fundamentals."We also saw the roll-out of supportive policies for the sector, including a range of SAMA initiatives, which allow financing companies to postpone financial commitments to bank payments for up to six months. These have been