Alinma Bank reports profit rise of 28% to SR825mln

Alinma Bank announced that its profits after zakat and tax rose 28% to SR 825 million in the first quarter of 2022 compared to SR 642 million during the same period of 2021.

This came after Alinma Bank announcement on Wednesday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The bank’s total operation profit grew 13% to SR 1.8 billion in the 1^st quarter of the current year from SR 1.6 billion in the same period of the previous year.

Assets of Alinma Bank rose 12% to SR 180 million in the first quarter of this year from SR 160 million a year ago, while the profit per share (EPS) climbed to SR 0.41 from SR 0.32.

Net income increased due to the increase in total operating income by 12.5%, mainly due to the increase in net income from financing and investment, FVIS investment income, exchange income and other operating income partly offset by the slight decline in fee income.

In the other hand, the total operating expenses were maintained at the same level of last year mainly due to the 29% lower impairement charge for expected credit losses offset by higher general and administrative expenses and salaries expenses.

Net income increased due to the increase in total operating income by 7.4%, mainly due to the increase in fee income, FVIS investments income and exchange income, partly offset by the lower other operating income.

In the other hand, the total operating expenses deccreased by 10% mainly due to the lower impairment charge for expected credit losses, general and dministrative expenses and rent expenses partly offset by the higher salaries expenses.

Additional Information:

Net impairment charge for expected credit losses reached to SAR 243.4mn for the current period against SAR 344mn for the similar period of previous year with a decrease of 29.2%.

For calculation of earning per share, 11.7 million treasury shares have been excluded.

Earnings per share is calculated by dividing the net income after zakat for the period ended 31 Mar 2022 and 31 Mar 2021 by 1,988 million and 1,987.4 million shares, respectively.