Saudi Alinma Bank achieves 15.6 percent surge in quarterly profit
(MENAFN) Saudi Alinma bank reported a substantial 15.6 percent year-on-year increase in its profits for the second quarter of the year, reaching 1.417 billion riyals (USD377.56 million) compared to 1.225 billion riyals in the same period last year. This growth in profitability was primarily driven by a 12.7 percent rise in total operating income. The increase in net income from financing and investments, coupled with higher banking services fees and currency exchange income, contributed significantly to the improved financial results.
However, this overall positive performance was somewhat tempered by a decline in income derived from evaluating investments at fair value and other operational income. Despite these reductions, the bank's ability to enhance its core revenue streams played a pivotal role in achieving the profit increase.
The bank’s results reflect a robust performance in its key income-generating areas, underscoring its successful strategy in expanding and diversifying its financial services. The reported figures highlight Saudi Alinma Bank's ongoing efforts to boost profitability through increased operational efficiency and revenue growth from its core banking activities.
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