Alinma Bank 9M 2024 profit up 22% to SAR 4.3B; Q3 at SAR 1.57B

24/10/2024 Argaam Exclusive

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Alinma Bank reported a 22% rise in net profit to SAR 4.3 billion for the first nine months of 2024, compared to SAR 3.52 billion in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Net Income from investments and financial activities	5,600.34	6,382.90	14.0 %
Operating Income	7,156.92	8,125.40	13.5 %
Total Provisions	(974.30)	(799.80)	17.9 %
Net Income	3,518.86	4,302.80	22.3 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	1.41	1.72	22.3 %
EPS Diluted (Riyals)	1.35	1.62	19.8 %

The profit rise was supported by an increase in total operating income by 13.5%, mainly due to higher net income from financing and investment, fee income, FVSI income, and exchange income, partly offset with the lower other operating income.

Income from investments and financing rose mainly due to a growth in financing and investment volume and an increase in profit rates.

The bank also reported a lower impairment charge on financing and other financial assets during the current period compared to the similar period last year, mainly due to a decrease in non-performing financing arising from the settlement of impaired accounts and onboarding of better-quality new assets.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Net Income from investments and financial activities	2,005.90	2,220.20	10.7 %
Operating Income	2,540.64	2,815.20	10.8 %
Debt Provisions	(306.40)	(208.70)	31.9 %
Net Income	1,323.90	1,571.50	18.7 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.53	0.63	18.7 %
EPS Diluted (Riyal)	0.51	0.56	9.4 %

Item	Q2 2024	Q3 2024	Change‬
Net Income from investments and financial activities	2,150.76	2,220.20	3.2 %
Operating Income	2,745.73	2,815.20	2.5 %
Debt Provisions	(326.60)	(208.70)	36.1 %
Net Income	1,416.57	1,571.50	10.9 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.57	0.63	10.9 %
EPS Diluted (Riyal)	0.55	0.56	2.2 %

The third-quarter net profit grew 18.7% to SAR 1.57 billion from SAR 1.32 billion in Q3 2023.

Sequentially, the Q3 bottom line grew by 10.9% from SAR 1.41 billion in Q2 2024.

Balance Sheet (B)

Item	9m 2023	9m 2024	Change‬
Assets	232.59	266.98	14.8 %
Customer Deposits	180.23	209.14	16.0 %
Financing Investments	169.06	195.90	15.9 %

Shareholders’ equity, with no minority interest and after excluding Sukuk, stood at SAR 32.40 billion by the end of Sept. 30, 2024, compared to SAR 28.46 billion in the year-earlier period.

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