Alinma Bank recorded an increase in profits by 17.3%, to reach after zakat and tax to 738.1 million riyals in the third quarter of 2021, compared to profits of 629.2 million riyals in the third quarter of the previous year.
According to Arabia Net, on a quarterly basis, the company's profits increased in the third quarter by 3.9%, compared to profits of 710.3 million riyals in the second quarter of 2021.< /p>
The Alinma Bank said in a statement to Saudi Arabia's Tadawul, today, Monday, that the increase in net profits is due to an increase in total operating income by 16.5%, mainly due to a rise in net profit. Net financing and investment income, investment income at fair value through income statement, income from banking services fees, currency exchange income, and income from other operations.
On the other hand, total operating expenses increased by 16.3% due to the increase in general and administrative expenses, expected credit losses expense and employee salaries expenses.
The expected credit loss expense during the current quarter amounted to 279 million riyals, compared to 233.8 million riyals for the same quarter of the previous year, an increase of 19.3%, and compared to 342.1 million riyals for the previous quarter. From this year, a decrease of 18.4%.
The expected credit loss expense during the current period amounted to 965.1 million riyals, compared to 768.5 million riyals for the same period of the previous year, an increase of 25.6%.
The bank's net profit grew in the first nine months of 2021 to 2.09 billion riyals, compared to 1.57 billion riyals in the same period of 2020, an increase of 32.97%.
