Saudi Alinma Bank achieves 28% increase in quarterly profit

RIYADH: Saudi Arabia’s Alinma Bank has recorded a 28.4 percent surge in first-quarter profit, propelled by higher operating income.

The bank’s net profit reached SR825 million ($220 million) in the first quarter, against SR642 million in the same period a year earlier, according to a bourse filing.

Even as expenses remained flat, total operating income jumped by 12.5 percent due to higher income from financing and investment activities, the bank said.

Alinma’s assets rose by 12 percent year-on-year to SR180 billion at the end of last quarter, and the profit per share went up from SR0.32 to SR0.41.