Alinma Bank H1 2024 profit rises 24% to SAR 2.73B; Q2 at SAR 1.41B

05/08/2024 Argaam Exclusive

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Alinma Bank reported a 24% rise in H1 2024 net profit to SAR 2.73 billion from SAR 2.19 billion in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Net Income from investments and financial activities	3,594.44	4,162.71	15.8 %
Operating Income	4,616.28	5,310.23	15.0 %
Total Provisions	(662.58)	(585.99)	11.6 %
Net Income	2,194.97	2,731.30	24.4 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.88	1.09	24.4 %
EPS Diluted (Riyals)	0.84	1.06	26.2 %

Income from investments and financing increased mainly due to growth in financing and investments volume and increase in profit rates, the lender said.

Total operating income grew 15%, mainly due to the increase in net income from financing and investment, fee income, FVSI income and exchange income. This was partly offset by lower other operating income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Net Income from investments and financial activities	1,859.68	2,150.76	15.7 %
Operating Income	2,436.87	2,745.73	12.7 %
Debt Provisions	(325.54)	(319.81)	1.8 %
Net Income	1,225.08	1,416.57	15.6 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.49	0.57	15.6 %
EPS Diluted (Riyal)	0.47	0.55	16.1 %

Item	Q1 2024	Q2 2024	Change‬
Net Income from investments and financial activities	2,011.96	2,150.76	6.9 %
Operating Income	2,564.50	2,745.73	7.1 %
Debt Provisions	(266.18)	(319.81)	(20.2 %)
Net Income	1,314.73	1,416.57	7.7 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.53	0.57	7.7 %
EPS Diluted (Riyal)	0.51	0.55	7.0 %

The year-on-year (YoY) decrease in impairment charge on financing and other financial assets was due to lower non-performing financing arising from the settlement of impaired accounts and onboarding of better-quality new assets.

In Q2 2024, the bank’s net profit climbed 16% YoY to SAR 1.41 billion, on higher income from investments and financing along with a growth in total operating income.

Balance Sheet (B)

Item	6m 2023	6m 2024	Change‬
Assets	226.90	260.14	14.6 %
Customer Deposits	177.87	205.36	15.5 %
Financing Investments	161.77	189.91	17.4 %

Sequentially, Alinma Bank’s Q2 net profit edged up 7.7% from SAR 1.31 billion in Q1 2024.

Total shareholders’ equity, no minority interest and excluding sukuk, stood at SAR 31.28 billion as of June 30, 2024, up from SAR 27.97 billion a year earlier.

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