Alinma Bank reported positive growth in all main activities: CEO

25/10/2023 Argaam

Positive growth, 151% non-performing financing coverage: Alinma Bank CEO

Abdullah AlKhalifa, CEO of Alinma Bank

Abdullah AlKhalifa, CEO of Alinma Bank, said positive growth in all primary banking activities was witnessed over the past period, adding that the non-performing loan coverage ratio stood at 151% for the period ended Sept. 30, 2023.  

 

In a statement on the bank's nine-month 2023 results, he confirmed that the bank's performance aligns with its robust operational foundations as it capitalized on evolving opportunities. This includes the positive developments in the Kingdom, such as the expanding real estate and personal financing portfolios.  

 

The positive results were directly driven by a 23.1% year-on-year (YoY) increase in gross operating income. This was mainly due to higher net income from financing and investment, banking service fees, and foreign exchange income. 

 

Alinma Bank's profit for the first nine months of 2023 reached SAR 3.51 billion, up 28% from SAR 2.73 billion. The bank reported earnings of SAR 1.32 billion in Q3 2023.  

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