Alinma Bank posted a net profit rise of 33% to SAR 3.59 billion for 2022, compared to SAR 2.70 billion a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 5,140.39 | 6,066.47 | 18.0 % |
| Operating Income | 6,659.59 | 7,963.06 | 19.6 % |
| Total Provisions | (1251.60) | (1197.70) | 4.3 % |
| Net Income | 2,709.39 | 3,599.14 | 32.8 % |
| Average Shares | 2,500.00 | 2,500.00 | - |
| EPS (Riyals) | 1.08 | 1.44 | 32.8 % |
| EPS Diluted (Riyals) | 1.08 | 1.38 | 28.1 % |
The net profit growth was driven by an increase in total operating income by 19.6% year-on-year (YoY), mainly due to higher net income from financing and investment, fee income, fair value of investments income through income statement and currency exchange income.
On the other hand, the gross operating expenses were 9.1% higher YoY mainly due to an increase in general and administrative expenses, along with salaries, rent and depreciation expenses. This was partly offset by the lower impairment charge for expected credit losses.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 1,309.43 | 1,667.81 | 27.4 % |
| Operating Income | 1,680.16 | 2,147.89 | 27.8 % |
| Debt Provisions | (288.98) | (435.79) | (50.8 %) |
| Net Income | 619.13 | 860.28 | 38.9 % |
| Average Shares | 2,500.00 | 2,500.00 | - |
| EPS (Riyals) | 0.25 | 0.34 | 38.9 % |
| EPS Diluted (Riyal) | 0.25 | 0.32 | 28.0 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 1,673.65 | 1,667.81 | (0.3 %) |
| Operating Income | 2,075.43 | 2,147.89 | 3.5 % |
| Debt Provisions | (272.53) | (435.79) | (59.9 %) |
| Net Income | 989.03 | 860.28 | (13.0 %) |
| Average Shares | 2,500.00 | 2,500.00 | - |
| EPS (Riyals) | 0.40 | 0.34 | (13.0 %) |
| EPS Diluted (Riyal) | 0.38 | 0.32 | (16.7 %) |
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Assets | 173.48 | 200.44 | 15.5 % |
| Customer Deposits | 121.06 | 145.17 | 19.9 % |
| Financing Investments | 126.27 | 146.49 | 16.0 % |
The fourth-quarter net profit grew 39% to SAR 860.2 million, from SAR 619.1 million in Q4 2021.
Compared to the previous quarter, the bank’s net profit saw decline of 13% from SAR 989.03 million.
Shareholders’ equity, no minority interest (excluding sukuk), rose to SAR 26.87 billion as of Dec. 31, 2022, from SAR 25.71 billion in 2021.
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