Alinma Bank Q1 profit jumps 36% to SAR 1.31B

Alinma Bank reported a 36% leap in Q1 2024 net profit to SAR 1.31 billion, compared to SAR 969.9 million a year earlier.

The annual net earnings rise was spurred by higher income from investments and financing mainly due to growth in financing and investments volumes and higher profit rates.

Gross operating income also jumped by 17.7% year-on-year, primarily on higher net income from financing and investments, fee and FVSI income, as well as other operating income, partly offset by the lower foreign exchange (FX) income.

The bank also reported a decline in impairment charges on financing and other financial assets during the first quarter compared to Q1 2023, mainly due to a decrease in non-performing financing arising from the settlement of impaired accounts and onboarding of better-quality new assets.

Compared to the previous quarter, Alinma Bank’s net profit marginally declined by 0.4% from SAR 1.32 billion hurt by lower income from investments and financing, FX income and other operating income.

Shareholders’ equity, no minority interest and after excluding sukuk, stood at SAR 34.34 billion as of March 31, 2024, up from SAR 28.16 billion in the year-earlier period.

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