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.
| 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.
| 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.
| 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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