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The Saudi-listed Alinma Bank said net profit for the first quarter of 2024 rose 36% to 1.31 billion Saudi riyals ($349.28 million), compared to SAR 969.9 million a year ago.
The increase was due to an 18% year-on-year (YoY) rise in total operating income as net income from financing and investment, fee income, FVSI income and other operating income rose. However, the bank reported lower exchange income.
Total income from the special commission of financing grew 37% YoY to SAR 3.34 billion.
Quarter-on-quarter, the bank’s net profit fell marginally, from SAR1.32 billion in Q4 2023.
Total shareholders’ equity, after deducting minority rights, rose 19% YoY to SAR39.35 billion by the end of Q1 2024.
Earlier this month, the bank’s shareholders approved the board of directors’ recommendation to increase capital by 25% through a bonus issue.
(Editing by Bindu Rai)
