Alinma Bank core activities saw positive growth; NPLs 130% covered in H1 2023: Chairman

Abdulmalek Al-Hogail, Chairman of Alinma Bank

Alinma Bank’s main activities bloomed over the previous periods and the non-performing loans (NPLs) coverage ratio for the period ended June 30, 2023 reached 130%, Chairman Abdulmalik Al-Hogail said in a commentary on the bank’s financial results for the first half of 2023. 

The results were achieved in line with the bank’s strong operational fundamentals, which contributed to increasing growth opportunities, such as the growth witnessed in both the mortgage and personal financing portfolios. 

The positive results were a direct outcome of the increased total operating income of the six-month period of 2023, mainly driven by a rise in net income from financing and investment, banking fees, and foreign currency exchange, Al-Hogail explained. 

Alinma Bank’s net profits increased 25% to SAR 2.19 billion in H1 2023, compared to SAR 1.74 billion in H1 2022. Net profits for Q2 2023 amounted to SAR 1.22 billion, according to data available with Argaam.