Alinma Bank’s Profits Increased to SR738 mln during the 3Q by 17%

The net profit after zakat and tax for Alinma Bank increased to SR738.1 million during the third quarter, compared to SR629.2 million during the same quarter of the previous year, at a rate of 17%.

This came after the Alinma Bank announced on Monday its interim financial results for the period ending on 2021-09-30 (Nine Months).

The total operating profit amounted to SR1.72 billion during the second quarter, compared to SR1.48 billion during the same quarter of the previous year, an increase of 16.48%.

The net profit after zakat and tax during the current period amounted to SR2.09 billion, compared to SR1.57 million during the same period of the previous year, an increase of 32.97%.

Profits per share during the current period amounted to SR1.03, compared to SR0.79 during the same period of the previous year.

Net income increased due to the increase in total operating income by 16.5%, mainly due to the increase in net financing and investment income, FVIS investment income, fee income, exchange income and other operating income.

In the other hand, the total operating expenses increased by 16.3% due to the increase in general and administrative expenses, impairment charge for expected credit losses and salaries expenses.

Net income increased due to the increase in total operating income by 4.2%, mainly due to the increase in net financing and investment income and exchange income, partly offset by the lower fee income, FVIS investments income and other operating income.

In the other hand, the total operating expenses increased by 4% due to the higher general and administrative expenses and salaries expenses, partly offset by the lower impairment charge for expected credit losses.

Net income increased due to the increase in total operating income by 22.4%, 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 14.5% due to the increase in general and administrative expenses and impairment charge for expected credit losses.