Alinma Bank announces its Annual Financial results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Total Income From Special Commission of Financing | 11,578.5 | 6,475.8 | 78.8 | ||
| Total Income From Special Commission of Investment | 1,649 | 1,137.1 | 45.02 | ||
| Net Income From Special Commission of Financing | 6,700.3 | 5,160.3 | 29.84 | ||
| Net Income From Special Commission of Investment | 954.2 | 906.1 | 5.31 | ||
| Total Operations Profit (Loss) | 9,725.7 | 7,963.1 | 22.13 | ||
| Net Profit (Loss) before Zakat and Income Tax | 5,395.5 | 4,012.9 | 34.45 | ||
| Net profit (Loss) | 4,839.2 | 3,599.1 | 34.45 | ||
| Total Comprehensive Income | 5,440 | 2,950.1 | 84.4 | ||
| Assets | 236,715.1 | 200,436.2 | 18.1 | ||
| Investments | 43,236.4 | 38,517.6 | 12.25 | ||
| Loans And Advances Portfolio (Financing And Investment) | 173,624 | 146,492 | 18.52 | ||
| Clients' deposits | 187,900.6 | 145,168.5 | 29.44 | ||
| Total Shareholder’s Equity (After Deducting The Minority’s Rights) | 34,333.6 | 31,876.3 | 7.71 | ||
| Total Operating Expenses Before Provisions for Credit and Other Losses | 3,043.5 | 2,765 | 10.07 | ||
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 1,298.6 | 1,188.7 | 9.24 | ||
| Profit (Loss) per Share | 2.33 | 1.73 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the special commission income during the current year compared to the last year is | Income from investments and financing increased mainly due to growth in financing and investments volume and increase in profit rates. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net income increased due to the increase in total operating income by 22.1%, mainly due to the increase in net income from financing and investment, fee income and exchange income, partly offset with the lower FVSI income and other operating income.
In the other hand, the total operating expenses were 9.8% higher than last year mainly due to the higher general and administrative expenses, salaries expenses, rents, depreciation, and impairment charge for expected credit losses. |
| The reason of the increase (decrease) in the total net provision of expected credit losses and other losses (reversing entry) during the current year compared to the last year is | Impairment charge on financing and other financial assets increased by 9.2% compared to last year mainly due to the growth in financing and investments portfolio. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Some items have been reclassified. |
| Additional Information | For the calculation of earnings per share, 12.7 million treasury shares have been excluded.
Earnings per share is calculated by dividing the net income after zakat for the period ended 31 December 2023 and 31 December 2022 (adjusted for Tier 1 Sukuk costs) by the weighted average number of outstanding shares, which reached 1,989.2 million shares (2022: 1,990.3 million shares). |
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