Riyadh – The net profits of Alinma Bank hiked by 34.45% to SAR 4.83 billion in 2023 from SAR 3.59 billion in 2022.

The lender registered 29.44% year-on-year (YoY) higher clients’ deposits at SAR 187.90 billion as of 31 December 2023, compared to SAR 145.16 billion.

Earnings per share (EPS) hit SAR 2.33 last year, versus SAR 1.73 in 2022, according to the income results.

The assets enlarged by 18.10% to SAR 236.71 billion in 2023 from SAR 200.43 billion a year earlier, while the investments climbed by 12.25% to SAR 43.23 billion from SAR 38.51 billion.

In January-September 2023, Alinma Bank posted an annual surge of 28.48% in net profit to SAR 3.51 billion, compared to SAR 2.73 billion.

Purchase Deal

Alinma Bank purchased 4.58 million shares in Arabian Shield Cooperative Insurance Company, which represents 5.75% of the company’s capital.

The listed lender bought the shareholding from Tokio Marine and Nichido Fire Insurance (TMNF) at a value of SAR 81.02 million.

This transaction, which was concluded on 5 February 2024, aligns with the bank’s commitment to boosting the financial sector and expanding its footprint through diversifying its investments.

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