The bank said in a statement on the Saudi stock market website, Tadawul, that the reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to the increase in net income as a result of the increase in total operating income by 26.1 percent.
The statement added: “On the other hand, total operating expenses increased by 18.7 percent 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.”
The profits of Alinma Bank also increased, to 2.2 billion riyals ($590 million) by the end of the first half of 2023, by 25 percent, compared to profits of 1.7 billion riyals achieved during the same period in 2022.
Earnings per share at the end of the current period amounted to 1.05 (SAR/share) and the corresponding period of the previous year was 0.85 (SAR/share) by dividing the net income for the period after Zakat (rate after deducting costs related to the first tranche sukuk) by the weighted average number of shares outstanding.
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