Alinma Bank’s H1 2022 net profit up 29% to SAR 1.749 bln; Q2 at SAR 925.1 mln

Alinma Bank reported a net profit of SAR 1.749 billion in the first six months of 2022, a jump of 29%, compared to SAR 1.352 billion in a year earlier period.

This was driven by a year-on-year (YoY) increase of 14.8% in total operating income, mainly due to the growth in net income from financing and investments, FVIS investment income, exchange income and other operating income.

This was despite a 2.5% YoY surge in total operating expenses due to higher general and administrative (G&A) expenses, salaries expenses, rents and depreciation expenses.

Q2 2022 net profit rose by 30.2% YoY to SAR 925.1 million, motivated by a 16.9% hike in total operating income on higher net income from financing, although total operating expenses leapt by 4.9% YoY.

On a sequential basis, net profit rose 12.2%, thanks to a 6.9% jump in total operating income, despite a 2% increase in total operating expenses.

Total shareholders’ equity, excluding minority interest, stood at SAR 31.467 billion by the end of H1 2022, compared to SAR 25.198 billion in the year-earlier period.

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