Alinma Bank profits increase to SR 3.59 billion at the end of 2022, by 33%

The net profit of Alinma Bank increased to 3.59 billion riyals during the year 2022, compared to 2.7 billion riyals in 2021, by 33%. This came after today’s announcement of the annual financial results ending on 31-12-2022.
The total profit from operations in the current year amounted to SR7.96 billion, compared to SR6.65 billion in the previous year, with a growth of 20%.
Net financing and investment income in the current year amounted to SR6 billion, compared to SR5 billion in the previous year, an increase of 18%.
Earnings per share in the current year amounted to SR1.73, compared to SR1.31 in the previous year.
The reason for the increase in the net profit during the current year compared to the last year is the net income increased due to the increase in total operating income by 19.6%, mainly due to the increase in net income from financing and investment, fee income, FVIS investment income and exchange income.
On the other hand, the total operating expenses were 9.1% higher than a similar period last year, mainly due to the higher general and administrative expenses, salaries expenses, rent expenses and depreciation expenses partly offset by the lower impairment charge for expected credit losses.
The bank administration said that Some items have been reclassified.
Also, 8.5 million treasury shares have been excluded as treasury shares when calculating the value of earnings per share.
Earnings per share are calculated by dividing the net income after zakat for the period ended 31 Dec 2022 and 31 Dec 2021 (adjusted for Tier 1 Sukuk costs) by the weighted average number of outstanding shares, which reached 1,990 million shares (2021: 1,988 million shares).