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07-02-22
Alinma Bank of Saudi revenues surge by 37.8 percent to hit USD722M
(MENAFN) Saudi Arabia’s Alinma Bank has registered a 37.8 percent increase in 2021 revenues, pushed by higher recurring revenue.
Based on a bourse filing, the bank’s net profit hit SR2.7 billion (USD722 million), against SR1.97 billion (USD525.05) from a year ago.
According to the bank’s statement, in spite of a surge of 4.2 percent in expenditures, recurring profit jumped by 17.3 percent because of higher revenue from funding as well as investment actions.
It also mentioned that the increase in expenditures was partially backed by a lower impairment charge for predicted losses, hitting SR1.27 billion (USD338.5 million) throughout last year, in comparison to SR1.42 billion (USD 378.4 million) a year ago.
MENAFN07022022000045013568ID1103650790
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