The Saudi Development Bank achieved an increase in annual profits by 39%, bringing its net profits after zakat and tax to about 3.599 billion riyals in 2022, compared to 2.709 billion riyals in 2021.
According to Arabia Net, the net profit of Al-Inma Bank increased on a quarterly basis by 38.9% in the fourth quarter of 2022, to reach about 860.2 million riyals, compared to 619.1 million riyals in the fourth quarter of 2021.
Alinma Bank attributed the increase in net income in 2022 to the increase in total operating income by 19.6%, mainly due to the increase in net financing and investment income, income from banking fees, income from investments listed at fair value through the income statement, and currency exchange income.
The bank stated that, on the other hand, total operating expenses increased by 9.1% compared to 2021, as a result of an increase in general and administrative expenses, employee salary expenses, rental and depreciation expenses, and this was offset by a decrease in the expected credit loss expense.
Yesterday, Wednesday, Alinma Bank announced the approval of the Board of Directors to purchase a number of its shares, with a maximum of 5 million shares, to allocate them to the long-term employee incentive program.
The bank said that financing the purchase of shares is from the bank's own resources.
He added that the percentage of treasury shares currently held by the bank out of the total class of shares subject to purchase is 0.43%.