- Alinma Bank‘s second quarter profit rose to 1.57 billion riyals, marking an 11% increase year-over-year, meeting the estimate of 1.56 billion riyals.
- Operating income reached 2.95 billion riyals, up 7.3% from the previous year, aligning with estimates.
- Impairments were reduced by 14% year-over-year to 281.3 million riyals, better than the estimated 347.2 million riyals.
- Pretax profit increased by 11% year-over-year to 1.75 billion riyals, slightly below the expected 1.77 billion riyals.
- Total assets grew by 14% to 297.22 billion riyals, surpassing the estimate of 273.35 billion riyals.
- Investments rose 11% year-over-year, amounting to 51.64 billion riyals.
- Net loans saw a 15% increase, reaching 218.60 billion riyals, which exceeded the forecasted 215.97 billion riyals.
- Total deposits climbed 12% year-over-year to 229.94 billion riyals, compared to an estimate of 225.75 billion riyals.
- The bank announced a dividend of 0.30 riyal per share for the second quarter.
- An increase in net income from financing and investment activities, fee income, and other operational areas contributed to the bank’s performance, despite lower exchange income.
- Market analysts have rated Alinma Bank with 10 buys, 9 holds, and no sells.
A look at Alinma Bank Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 4 | |
| Growth | 4 | |
| Resilience | 4 | |
| Momentum | 3 | |
| OVERALL SMART SCORE | 3.8 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Analysts are optimistic about the long-term prospects of Alinma Bank, a Shariah law-compliant commercial Islamic bank. Smartkarma Smart Scores indicate positive outlook across multiple key factors. Alinma Bank scores high in Value, Dividend, Growth, and Resilience with scores of 4 out of 5. This suggests that the company is well-positioned in terms of its financial health, growth potential, and ability to withstand market challenges.
While Alinma Bank‘s Momentum score is slightly lower at 3, overall, the company’s strong performance in Value, Dividend, Growth, and Resilience bodes well for its future growth and stability. Investors may see Alinma Bank as a solid investment opportunity based on these favorable Smart Scores across various important factors.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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