Alinma Bank Records 38% Profit Surge to USD 722 Million in 2021
February 08, 2022 | Updated at February 09, 2022
IM Messenger
Email Saudi Arabia’s Alinma Bank (Alinma) has recorded a 38% increase in profits in 2021 as net profit reached SAR 2.7 billion (USD 722 million) against SAR 1.97 billion (USD 525.3 Million) in 2020, owing to higher operating income.
Why it Matters?
Alinma stated that despite an increase of 4.2% in operating expenses, operating income rose by 17.3 %, an outcome of higher revenue of financing and investment income, First Vibrant Integrated Services (FVIS) investment income, fee income, and other operating income. The bank also noted that the rise in expenses was partially offset by the lower impairment charge for expected credit losses down to SAR 1.27 billion (USD 338.7 million) during 2021 from SAR 1.42 billion (USD 379 million) in 2020.
