Alinma Bank’s H1 2022 net profit up 29% to SAR 1.749 bln; Q2 at SAR 925.1 mln

27/07/2022 Argaam Exclusive

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Alinma Bank reported a net profit of SAR 1.749 billion in the first six months of 2022, a jump of 29%, compared to SAR 1.352 billion in a year earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Net Income from investments and financial activities	2,438.07	2,725.01	11.8 %
Operating Income	3,257.38	3,739.75	14.8 %
Total Provisions	(683.57)	(489.38)	28.4 %
Net Income	1,352.17	1,749.84	29.4 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.54	0.70	29.4 %
EPS Diluted (Riyals)	0.54	0.68	25.9 %

This was driven by a year-on-year (YoY) increase of 14.8% in total operating income, mainly due to the growth in net income from financing and investments, FVIS investment income, exchange income and other operating income.

This was despite a 2.5% YoY surge in total operating expenses due to higher general and administrative (G&A) expenses, salaries expenses, rents and depreciation expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Net Income from investments and financial activities	1,231.43	1,413.49	14.8 %
Operating Income	1,653.14	1,932.14	16.9 %
Debt Provisions	(336.80)	(248.35)	26.3 %
Net Income	710.33	925.09	30.2 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.28	0.37	30.2 %
EPS Diluted (Riyal)	0.28	0.35	25.7 %

Item	Q1 2022	Q2 2022	Change‬
Net Income from investments and financial activities	1,311.57	1,413.49	7.8 %
Operating Income	1,807.61	1,932.14	6.9 %
Debt Provisions	(241.02)	(248.35)	(3.0 %)
Net Income	824.75	925.09	12.2 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.33	0.37	12.2 %
EPS Diluted (Riyal)	0.33	0.35	7.3 %

Q2 2022 net profit rose by 30.2% YoY to SAR 925.1 million, motivated by a 16.9% hike in total operating income on higher net income from financing, although total operating expenses leapt by 4.9% YoY.

On a sequential basis, net profit rose 12.2%, thanks to a 6.9% jump in total operating income, despite a 2% increase in total operating expenses.

Balance Sheet (B)

Item	6m 2021	6m 2022	Change‬
Assets	164.06	184.62	12.5 %
Customer Deposits	125.88	130.38	3.6 %
Financing Investments	119.62	131.19	9.7 %

Total shareholders’ equity, excluding minority interest, stood at SAR 31.467 billion by the end of H1 2022, compared to SAR 25.198 billion in the year-earlier period.

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