Alinma Bank Reports Robust Growth with 1,315 Million Riyals in Q1 2024 Profits

Alinma Bank Reports Robust Growth with 1,315 Million Riyals in Q1 2024 Profits

Alinma Bank proudly announced a net profit of 1,315 million Saudi riyals after zakat for the quarter ending on March 31, 2024, marking a remarkable growth rate of 35.6% compared to the previous year's same period.


Reflecting on these financial accomplishments, Dr. Abdulmalik Abdullah Al-Hogail, the Chairman of the Board of Directors of Alinma Bank, emphasized the bank's commitment to providing a distinguished banking experience through a comprehensive range of services and products that meet the needs of our valued customers. Additionally, the bank aims to enhance returns for its shareholders and activate its role towards society and sustainability. During the first quarter, the bank launched its sustainability and corporate social responsibility program (AMAD), reflecting its commitment to achieving community development, enhancing sustainable practices, and contributing to enabling the sector to access leading banking services.


Al-Hogail confirmed that these positive results stem directly from the 17.7% increase in total operating income for the quarter, driven primarily by growth in net income from financing and investment, banking service fees, income from evaluating investments at fair value, and other revenue streams.


Speaking about the specifics of the financial results, Al-Hogail elaborated on the positive growth across all of Alinma Bank’s major banking activities in the previous periods. Total assets surged to 244,859 million Saudi riyals, marking a substantial 14.6% increase from the previous year's 213,749 million Saudi riyals. Simultaneously, the financing portfolio saw an 18% uptick, reaching 180,702 million Saudi riyals as of March 31, 2024, compared to approximately 153,153 million Saudi riyals in the previous year. Consequently, net income from financing and investment rose by 16% to 2,012 million riyals, up from 1,735 million riyals for the same period in the previous year.


Furthermore, customer deposits witnessed significant growth, reaching 188,988 million riyals, reflecting an 18.2% increase from the previous year's 159,948 million riyals. Notably, the return on assets ratio reached 2.18%, and the return on equity ratio stood at 17.55%. Additionally, the non-performing financing coverage ratio reached 181.1% for the period ending on March 31, 2024. These figures collectively underscore Alinma Bank's robust performance and strategic financial management in Q1 2024.


In conclusion, Al- Hogail emphasized the bank's commitment to innovation and customer focus by offering innovative banking products and services. He also reiterated the bank's dedication to investing in the development of its human resources as a crucial element in providing high-quality services in a growing digital banking environment.