Saudi Alinma Bank's profits fall to $525mln in 2020

The bank’s assets grew by 19% last year to $41.84bln

Riyadh –  Alinma Bank’s net earnings for 2020 shrank by 22.4% on an annual basis to stand at SAR 1.97 billion, compared with SAR 2.5 billion a year earlier.

The decline in the annual net profits is ascribed to higher impairment charges and revaluation losses, according to a statement to the Saudi bourse on Thursday.

Net income from financing and investments increased by 8% while total operating profit rose by 2%.

The bank’s assets grew by 19% last year to SAR 156.9 billion from SAR 131.8 billion in 2019.

Source: Mubasher

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