Saudi Arabia’s Alinma Bank has reported a 22% increase in net profit for the first nine months of 2024, reaching SAR 4.3 billion, compared to SAR 3.52 billion in the same period last year.
This surge was largely driven by a 13.5% rise in total operating income, attributed to higher net income from financing, investment, fee income, FVSI income, and exchange income, despite a decline in other operating income.
The bank’s income from investments and financing saw a notable rise, due to increased financing and investment volumes alongside higher profit rates. Additionally, there was a reduction in impairment charges on financing and other financial assets, thanks to fewer non-performing financings from settling impaired accounts and acquiring better-quality new assets.
In the third quarter of 2024, Alinma Bank’s net profit rose by 18.7% to SAR 1.57 billion, up from SAR 1.32 billion in Q3 2023. Regarding the quarter-on-quarter growth, Q3 2024 profits increased by 10.9% compared to Q2 2024.
On the balance sheet, the bank’s total assets grew by 14.8% to SAR 266.98 billion, with customer deposits rising 16% to SAR 209.14 billion.
Financing investments also saw an increase of 15.9%, reaching SAR 195.90 billion. Shareholders’ equity, excluding minority interest and Sukuk, stood at SAR 32.4 billion at the end of September 2024, compared to SAR 28.46 billion a year earlier.
