Alinma Bank 9M 2023 profit up 28% to SAR 3.51 bln; Q3 at SAR 1.32 bln

24/10/2023 Argaam Exclusive

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Alinma Bank reported a 28% rise in net profit to SAR 3.51 billion for the first nine months of 2023, compared to SAR 2.73 billion in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Net Income from investments and financial activities	4,398.66	5,600.34	27.3 %
Operating Income	5,815.18	7,156.92	23.1 %
Total Provisions	(761.91)	(963.57)	(26.5 %)
Net Income	2,738.86	3,518.86	28.5 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	1.10	1.41	28.5 %
EPS Diluted (Riyals)	1.06	1.35	27.1 %

The bank posted a 23.1% year-on-year (YoY) increase in gross operating income. This was mainly due to higher net income from financing and investment as well as fees and exchange income, which was partly offset by a decline in gains on fair value through statement of income (FVSI) financial instruments and lower other operating income.

On the other hand, gross operating expenses surged 17.4% YoY amid higher general and administrative expenses, as well as payroll, rents, and depreciation expenses, alongside an uptick in impairment charges for expected credit losses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Net Income from investments and financial activities	1,673.65	2,005.90	19.9 %
Operating Income	2,075.43	2,540.64	22.4 %
Debt Provisions	(272.53)	(300.99)	(10.4 %)
Net Income	989.03	1,323.90	33.9 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.40	0.53	33.9 %
EPS Diluted (Riyal)	0.38	0.51	33.3 %

Item	Q2 2023	Q3 2023	Change‬
Net Income from investments and financial activities	1,859.68	2,005.90	7.9 %
Operating Income	2,436.87	2,540.64	4.3 %
Debt Provisions	(325.54)	(300.99)	7.5 %
Net Income	1,225.08	1,323.90	8.1 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.49	0.53	8.1 %
EPS Diluted (Riyal)	0.47	0.51	8.5 %

The third-quarter net profit grew 34% to SAR 1.32 billion from SAR 989.03 million in Q3 2022. This came as gross operating income rose by 22.4% YoY, mainly due to the increase in net income from financing and investment, in addition to higher fees, foreign exchange, and FVSI income.

Sequentially, the Q3 bottom line grew by 8.1% from SAR 1.22 billion in Q2 2023.

Shareholders’ equity, with no minority interest and after excluding sukuk, stood at SAR 28.46 billion by the end of Sept. 30, 2023, compared to SAR 26.30 billion in the year-earlier period.

Balance Sheet (B)

Item	9m 2022	9m 2023	Change‬
Assets	193.23	232.59	20.4 %
Customer Deposits	132.05	180.23	36.5 %
Financing Investments	139.99	169.06	20.8 %

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