Alinma Bank Profits Surge 36% to SAR 1.3 Billion in Q1 2024
Riyadh, Saudi Arabia — Alinma Bank profits climbed 35.55% in the first quarter of 2024, reaching SAR 1.315 billion. This marks a significant jump from SAR 969.9 million in Q1 2023, according to preliminary financial results filed with the Saudi Exchange (Tadawul).
However, compared to the fourth quarter of 2023, which saw SAR 1.512 billion in net profit, the bank recorded a slight decline of 0.4%.
Strong Operating Income and Lower Provisions Fuel Growth
The surge in Alinma Bank profits was driven by a 17.7% increase in total operating income. The bank generated SAR 2.56 billion in Q1 2024, up from SAR 2.179 billion during the same quarter last year. This growth stemmed from higher net income on financing and investments, improved fee income from banking services, and fair value gains. At the same time, foreign exchange income declined slightly.
Meanwhile, expected credit loss provisions decreased sharply. The total dropped by 22.8% to SAR 264.4 million, down from SAR 342.5 million in Q1 2023. The bank attributed this to the settlement of low-value accounts and the origination of better-quality credit assets.
Alinma Bank profits reflect its broader strategy to enhance operational efficiency, reduce risk exposure, and expand revenue streams—consolidating its position as one of the Kingdom’s leading financial institutions.
