Alinma Bank posted a 18% jump in Q1 2023 net profit to SAR 969.9 million, compared to SAR 824.7 million in the prior-year period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 1,311.57 | 1,734.76 | 32.3 % |
| Operating Income | 1,807.61 | 2,179.41 | 20.6 % |
| Debt Provisions | (241.02) | (337.03) | (39.8 %) |
| Net Income | 824.75 | 969.89 | 17.6 % |
| Average Shares | 2,500.00 | 2,500.00 | - |
| EPS (Riyals) | 0.33 | 0.39 | 17.6 % |
| EPS Diluted (Riyal) | 0.33 | 0.37 | 12.2 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 1,667.81 | 1,734.76 | 4.0 % |
| Operating Income | 2,147.89 | 2,179.41 | 1.5 % |
| Debt Provisions | (435.79) | (337.03) | 22.7 % |
| Net Income | 860.28 | 969.89 | 12.7 % |
| Average Shares | 2,500.00 | 2,500.00 | - |
| EPS (Riyals) | 0.34 | 0.39 | 12.7 % |
| EPS Diluted (Riyal) | 0.32 | 0.37 | 15.0 % |
The profit increase was attributed to gross operating income rising by 20.6%, mainly due to the increase in net income from financing and investment, fee income and exchange income. This was partly offset with the lower FVSI income and other operating income.
On the other hand, the gross operating expenses were 24.2% higher year-on-year (YoY) mainly due to the higher general and administrative expenses, salaries expenses, rents, depreciation, and impairment charge for expected credit losses.
Compared to Q4 2022, the bank’s net profit rose by 12.7% from SAR 860.3 million.
| Item | 3m 2022 | 3m 2023 | Change |
|---|---|---|---|
| Assets | 179.52 | 213.75 | 19.1 % |
| Customer Deposits | 128.04 | 159.95 | 24.9 % |
| Financing Investments | 128.97 | 153.15 | 18.7 % |
Shareholders’ equity, no minority interest and excluding sukuk, increased to SAR 28.16 billion as of March 31, 2023, from SAR 26.51 billion a year earlier.
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