Alinma Bank Profits Surge to SR2.7 bln End of 2021 by 38%

Alinma Bank’s net profit grew to SR2.7 billion during the year 2021, compared to SR1.96 billion during the year before last, at a rate of 38%.

This came after today’s announcement of the annual financial results ending on 12-31-2121 (12 months).

Total Operation Profit during the current period amounted to SR6.66 billion, compared to SR5.68 billion during the same period last year, a growth of 17%.

Total net income from special commissions/financing and investments amounted to SR5 billion, compared to SR4.6 billion during the same period last year, an increase of 11%.

Profits per share during the current period amounted to SR1.31, compared to SR0.99 during the same period last year.

Net income increased due to the increase in total operating income by 17.3%, mainly due to the increase in net financing and investment income, FVIS investment income, fee income, and other operating income partly offset by the lower exchange income.

In the other hand, the total operating expenses increased by 4.2% due to the increase in general and administrative expenses and salaries expenses, partly offset by the lower impairment charge for expected credit losses.

Net impairment charge for expected credit losses reached to SAR 1,266.3mn for the current year against SAR 1,418.5mn for previous year with a deacrease of 10.7%.

For calculation of earning per share, 12.2 million treasury shares have been excluded.

Earnings per share is calculated by dividing the net income after zakat for the period ended 31 Dec 2021 and 31 Dec 2020 by 1,987.7 million and 1,987.1 million shares, respectively