Alinma Bank’s 2021 profit rises 38% to SAR 2.709 bln; Q4 earnings at SAR 618.7 mln

06/02/2022 Argaam Exclusive

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Alinma Bank reported a net profit of SAR 2.709 billion for 2021, an increase of 38%, from SAR 1.966 billion in the year earlier, driven by a 17.3% jump in gross operating income on higher net financing and investment income.

Financials (M)

Item	2020	2021	Change‬
Net Income from investments and financial activities	4,647.82	5,140.39	10.6 %
Operating Income	5,681.64	6,659.59	17.2 %
Total Provisions	(1419.18)	(1251.60)	11.8 %
Net Income	1,965.99	2,709.39	37.8 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.79	1.08	37.8 %
EPS Diluted (Riyals)	0.79	1.08	36.7 %

Q4 2021 net profit leapt 57% YoY, but dropped 16.2% quarter-on-quarter (QoQ) to SAR 394 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Net Income from investments and financial activities	1,214.21	1,309.43	7.8 %
Operating Income	1,610.11	1,680.16	4.4 %
Debt Provisions	(636.70)	(288.98)	54.6 %
Net Income	393.99	619.13	57.1 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.16	0.25	57.1 %
EPS Diluted (Riyal)	0.16	0.25	56.3 %

Item	Q3 2021	Q4 2021	Change‬
Net Income from investments and financial activities	1,392.89	1,309.43	(6.0 %)
Operating Income	1,722.06	1,680.16	(2.4 %)
Debt Provisions	(279.06)	(288.98)	(3.6 %)
Net Income	738.09	619.13	(16.1 %)
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.30	0.25	(16.1 %)
EPS Diluted (Riyal)	0.30	0.25	(16.7 %)

On a sequential basis, net profit fell 16.2% year-on-year (YoY) from SAR 738.09 million.

Total shareholders’ equity, excluding minority interest, rose 25.7% year-on-year (YoY) to SAR 30.711 billion in 2021.

Balance Sheet (B)

Item	2020	2021	Change‬
Assets	156.88	173.48	10.6 %
Customer Deposits	119.45	121.06	1.3 %
Financing Investments	111.20	126.27	13.6 %

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