Alinma Bank’s shares rise following a 29% surge in half-year profit

RIYADH: Saudi-based Alinma Bank shares rose 1.6 percent at Tadawul’s opening bell on Wednesday after posting a 29 percent surge in half-year profits.

As of 10:05 a.m. Saudi time, the share price reached SR38 ($10), up from SR37 at the closing bell the previous day.

The bank first-half profit jumped to SR1.7 billion, compared to SR1.3 billion in the same period the previous year, according to a bourse filing.

The bank said that the results were driven by a 14.8 percent increase in total operating income for the period despite higher operating expenses of 2.5 percent.