Supported by higher total operating income
Dubai – Al Arabiya.net
Posted on: July 25, 2023: 10:49 AM GST Last updated: July 25, 2023: 12:04 PM GST
The net profit of “Alinma Bank” increased by 32.4% in the second quarter of 2023, to about 1.225 billion riyals, after zakat and tax, compared to 925.1 million riyals in the corresponding quarter of 2022.
On a quarterly basis, the bank’s net profit in the second quarter increased by 26.3%, compared to profits of 969.9 million riyals in the first quarter of 2023.
The bank said in a statement on “Tadawul Saudi Arabia”, today, Tuesday, that the net income increased as a result of the increase in total operating income by 26.1%, and this is mainly due to the increase in net financing and investment income, income from banking fees, and currency exchange income, and this was offset by a decrease in income from investments in fair value through the income statement.
On the other hand, total operating expenses increased by 18.7% compared to the same quarter of the previous year, as a result of an increase in general and administrative expenses, employee salary expenses, rental expenses, depreciation, and expected credit losses expense.
The bank was able to achieve a growth in net income from special commissions and financing by 32% to reach 1.068 billion riyals.
The bank’s provisions increased by 36% during the second quarter, to 325 million riyals.
By the end of the first half of the year, the loan portfolio at Alinma Bank increased by 23%, offset by the growth of the deposit portfolio by 36%, so that the ratio of loans to deposits at the end of June stood at 91%.
2023-07-25 08:04:23
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