net profit rose Development Bank By 28.5% in the first quarter of 2022, to reach 824.7 million riyals after zakat and tax, compared to a net profit of about 641.8 million riyals in the same quarter of 2021.
On a quarterly basis, the bank’s net profit increased by 33.2% compared to a net profit of about 619.1 million riyals in the fourth quarter of 2021.
Alinma Bank said in a statement on the Saudi Tadawul today, Wednesday, that the increase in net profit in the first quarter of 2022, on an annual basis, came as a result of an increase in total operating income by 12.5%, mainly due to the increase in net financing and investment income, and investment income. At fair value through income statement, currency conversion income and income from other operations, this was offset by a slight decrease in income from banking services fees.
On the other hand, he added, the bank maintained the same level of total operating expenses compared to the same quarter of the previous year, as a result of a decrease in the expected credit loss expense by 29%, offset by an increase in general and administrative expenses and employee salaries expenses.
Details of the results of the Alinma Bank announced this morning in