2023-05-02 14:02:00
Compared to a net profit of 824.7 million riyals in the first quarter of 2022
The net profit of “Alinma Bank” increased by 17.61% in the first quarter of 2023, to regarding 969.9 million riyals, following zakat and tax, compared to 824.7 million riyals in the first quarter of 2022.
The bank said in a statement on “Tadawul Saudi Arabia”, today, Tuesday, that the increase in profits in the first quarter of 2023, on an annual basis, is due to the growth in net income as a result of the increase in total operating income by 20.6%, mainly due to the increase in net financing and investment income. Income from banking fees, currency exchange income, offset by a decrease in income from investments at fair value through income statement, and income from other operations.
Alinma Bank added that, on the other hand, total operating expenses increased by 24.2% 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.
On a quarterly basis, the bank’s net profit during the period increased by 12.74%, compared to profits of 860.3 million riyals in the fourth quarter of 2022.
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