Alinma Bank 2024 profit up 21% to SAR 5.83B; Q4 at SAR 1.53B

Alinma Bank’s net profit rose 21% to SAR 5.83 billion for 2024, compared to SAR 4.84 billion a year earlier.

The positive performance is greatly driven by higher investment and financing income resulting from the growth in financing and investment assets and increased profitability.

Net income increased also due to an increase in total operating income by 12.5%, mainly on higher net income from financing and investment, fee income, exchange income and FVSI income, partly offset with the lower other operating income.

The decrease in impairment charge on financing and other financial assets during the current year compared to last year is attributed to lower non-performing financing arising from the settlement of impaired accounts and onboarding of better-quality new assets.

on the other hand, the total operating expenses were 2.1% higher than last year mainly due to the higher salaries expenses, general and administrative expenses, rents and depreciation, partly offset with the lower impairment charge for expected credit losses.

The net earnings, however, decreased by 2.7% quarter-on-quarter (QoQ) from SAR 1.57 billion.

Total shareholders’ equity, no minority interest (excluding sukuk), stood at SAR 32.69 billion as of Dec. 31, 2024, up from SAR 29.33 billion a year earlier.

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