Alinma Bank’s H1 2023 profit jumps 25% to SAR 2.19 bln; Q2 at SAR 1.22 bln

Alinma Bank reported a 25% leap in H1 2023 net profit to SAR 2.19 billion from SAR 1.74 billion in the year-earlier period. 

The basic and diluted EPS stood at SAR 1.05 per share by the end of H1 2023, compared to SAR 0.85 per share in the prior-year period through dividing the bank’s net income after Zakat (adjusted for Tier 1 Sukuk cost) by the weighted average of outstanding shares amounting to 1.99 billion, compared to 1.98 million in 2022. 

The profit increase was driven by higher net income from financing and investment, banking services income and foreign exchange (FX) income. This was partly offset by the lower FVSI income and other operating income.

On the other hand, the operating expenses rose by 21.4% year-on-year (YoY) on higher general and administrative expenses, salaries expenses, rents, depreciation, and impairment charges for expected credit losses.

In Q2 2023, the bank’s net profit climbed 32% to SAR 1.22 billion from SAR 925 million in Q2 2022, thanks to better net income from financing and investment, banking services income and foreign exchange income.

Similarly, Alinma Bank’s net profit rose 26.3% from SAR 969.8 million in Q1 2023.

Total shareholders’ equity, after minority interest, stood at SAR 32.97 billion as of June 30, 2023, up from SAR 31.46 billion a year earlier.

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