Alinma Bank Profits Dip Slightly

Alinma Bank's profits in Saudi Arabia declined in the third quarter of 2023 to 1.59 billion Riyals, a decrease of 0.2% compared to analyst expectations of 1.66 billion Riyals. This marked the first quarterly decline since the end of 2020. The reduction was driven by a 56% increase in credit loss provisions, which reached 400 million Riyals, putting pressure on profits despite growth in financing and investment income, alongside higher provisions for credit losses. The decline resulted from diminished fee income from services, lower investment valuation gains, and decreased income from other operational activities, while asset growth helped mitigate the overall decline.

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