Saudi Alinma Bank FY 2023 net profit up 34%

Saudi Alinma Bank FY 2023 net profit up 34%

Alinma Bank, one of Saudi Arabia's top banks, reported a full-year 2023 net profit of 4.84 billion riyals ($1.29 billion), up 34% compared with the year-earlier period. The net profit came in slightly ahead of analysts’ mean estimate of SAR 4.67 billion, according to LSEG data. Loans and advances were up 19% at SAR 173.6 billion, the Islamic bank said in a statement on the Tadawul bourse on Monday. Customer deposits rose 29% to SAR 187.90 billion. Impairment charge on financing and other financial assets increased by 9% to SAR 1.3 billion compared to last year mainly due to the growth in financing and investments portfolio.   (Writing by Brinda Darasha; editing by Seban Scaria) [email protected] Saudi Alinma Bank FY 2023 net profit up 34%