Saudi: Alinma Bank achieves higher profits at $719.1mln in H1-24; dividends unveiled

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The net profits of Alinma Bank reached SAR 2.73 billion in the first half (H1) of 2024, up 24.43% year-on-year (YoY) from SAR 2.19 billion.

Earnings per share (EPS) increased to SAR 1.06 in H1-24 from SAR 0.84 in H1-23, according to the interim financials.

Alinma Bank registered clients' deposits valued at SAR 205.35 billion in the first six months (6M) of 2024, marking an annual rise of 15.45% from SAR 177.87 billion.

The assets hiked by 14.64% YoY to SAR 260.13 billion as of 30 June 2024 from SAR 226.90 billion, while the investments surged by 16.23% YoY to SAR 46.63 billion from SAR 40.11 billion.

Financials for Q2-24

In the second quarter (Q2) of 2024, the Saudi lender logged net profits worth SAR 1.41 billion, higher by 15.63% than SAR 1.22 billion in Q2-23.

Quarterly, the Q2-24 net profits soared by 7.75% from SAR 1.31 billion in the January-March 2024 period.

Dividends for Q2

The board agreed to disburse cash dividends after Zakat valued at SAR 621.37 million, representing 2.50% of the share capital, for Q2-24.

The lender will pay out a dividend of SAR 0.25 per share for 2.48 billion eligible shares.

Eligibility and distribution dates will be 18 August and 1 September 2024, respectively.