Preliminary financial results for Alinma Bank showed a net profit increase of *35.55%* in the first quarter of 2024, reaching approximately *1.315 billion riyals, compared to a net profit of about **969.9 million riyals* in the first quarter of 2023.
On a quarterly basis, Alinma Bank’s net profit decreased by *0.4%* in the first quarter of 2024, compared to a net profit of about *1.512 billion riyals* in the fourth quarter of 2023.
In a statement to the Saudi Exchange (Tadawul) on Wednesday, Alinma Bank attributed the annual increase in quarterly profits to a *17.7%* rise in total operating income, reaching approximately *2.56 billion riyals* in the first quarter of 2024, compared to about *2.179 billion riyals* in the same quarter of 2023.
This increase was mainly due to higher net income from financing and investments, fee income from banking services, fair value gains on investments through the income statement, and other operating income, offset by a decrease in foreign exchange income.
The total provision for expected credit losses and other losses decreased by *22.8%* to *264.4 million riyals* in the first quarter of 2024, compared to about *342.5 million riyals* in the same quarter of 2023.
The bank stated that the reason for the decline in expected credit loss expenses for financing assets and other financial assets during the first quarter of this year, compared to the same quarter of the previous year, is due to a decrease in non-performing financing following the settlement of low-value accounts and the origination of new, higher-quality credit assets.
