Alinma Bank Q1 2022 net profit rises 29% to SAR 824.7 mln

27/04/2022 Argaam Exclusive

Alinma Bank posted a net profit of SAR 824.7 million for Q1 2022, a rise of 29% compared to SAR 641.8 million from the prior-year period. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Net Income from investments and financial activities 1,206.64 1,311.57 8.7 %
Operating Income 1,604.24 1,807.61 12.7 %
Debt Provisions (346.77) (241.02) 30.5 %
Net Income 641.84 824.75 28.5 %
Average Shares 2,500.00 2,500.00 -
EPS (Riyals) 0.26 0.33 28.5 %
EPS Diluted (Riyal) 0.26 0.33 26.2 %

The profit growth was mainly due to 12.5% growth in total operating income as a result of increase in net income from financing and investment, FVIS investment income, exchange income and other operating profit partly offset by the slight decline in fee income.  

 

Sequentially, Q1 2022 net profit rose 33.2% from SAR 619.13 million in Q4 2021. 

 

Total shareholders’ equity, excluding minority interest, reached SAR 31.518 billion in Q1 2022, compared with SAR 25.081 billion a year before. 

Balance Sheet (B)

Item 3m 2021 3m 2022 Change‬
Assets 159.95 179.52 12.2 %
Customer Deposits 120.71 128.04 6.1 %
Financing Investments 117.15 128.97 10.1 %

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Share Price

Alinma Bank
28.20
0.20 0.71 %

Alinma Bank (ALINMA)

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Financial Ratios
Current
Market Cap (M) 70,500.00
Shares Outstanding ((M)) 2,500.00
EPS ( Riyal) (TTM) 2.25
EPS Diluted ( Riyal) (TTM) 2.13
Book Value (BV) ( Riyal) 12.96
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 12.54
P/E (TTM) 12.54
Price/book 2.18
Return on Average Assets (%) (TTM) 2.3
Return on Average Equity (%) (TTM) 18.5
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Financial results (Million)

Period Net Income from investments and financial activities Change Operating Income Change Debt Provisions Change
Q1 2013 443.27 34.2 % 521.71 32.7 % (51.03) (202.4 %)
Q2 2013 456.91 31.9 % 559.13 15.5 % (60.49) 10.3 %
Q3 2013 460.46 13.1 % 542.46 18.2 % (28.31) 35.8 %
Q4 2013 474.20 9.4 % 655.78 33.9 % (134.40) (416.6 %)
Q1 2014 512.62 15.6 % 599.84 15.0 % (24.98) 51.1 %
Q2 2014 501.80 9.8 % 611.44 9.4 % (15.65) 74.1 %
Q3 2014 529.49 15.0 % 687.33 26.7 % (50.65) (78.9 %)
Q4 2014 531.05 12.0 % 721.31 10.0 % (70.40) 47.6 %
Q1 2015 550.00 7.3 % 729.60 21.6 % (70.12) (180.8 %)
Q2 2015 610.46 21.7 % 845.51 38.3 % (78.13) (399.3 %)
Q3 2015 547.52 3.4 % 707.94 3.0 % (10.33) 79.6 %
Q4 2015 570.72 7.5 % 779.70 8.1 % (37.59) 46.6 %
Q1 2016 611.17 11.1 % 734.32 0.6 % (13.03) 81.4 %
Q2 2016 626.79 2.7 % 819.89 (3.0 %) (24.70) 68.4 %
Q3 2016 687.54 25.6 % 828.72 17.1 % (41.43) (301.2 %)
Q4 2016 726.60 27.3 % 944.88 21.2 % (115.99) (208.5 %)
Q1 2017 814.43 33.3 % 1,004.85 36.8 % (124.24) (853.2 %)
Q2 2017 834.22 33.1 % 1,006.70 22.8 % (119.54) (384.0 %)
Q3 2017 877.17 27.6 % 1,062.75 28.2 % (104.65) (152.6 %)
Q4 2017 967.21 33.1 % 1,298.66 37.4 % (210.06) (81.1 %)
Q1 2018 896.28 10.1 % 1,109.76 10.4 % (89.47) 28.0 %
Q2 2018 942.39 13.0 % 1,231.00 22.3 % (162.76) (36.2 %)
Q3 2018 987.21 12.5 % 1,211.70 14.0 % (98.24) 6.1 %
Q4 2018 971.95 0.5 % 1,292.46 (0.5 %) (41.92) 80.0 %
Q1 2019 976.43 8.9 % 1,289.64 16.2 % (65.40) 26.9 %
Q2 2019 1,066.01 13.1 % 1,364.21 10.8 % (141.66) 13.0 %
Q3 2019 1,138.86 15.4 % 1,440.97 18.9 % (108.31) (10.2 %)
Q4 2019 1,141.93 17.5 % 1,515.34 17.2 % (385.11) (818.6 %)
Q1 2020 1,121.16 14.8 % 1,259.28 (2.4 %) (358.69) (448.5 %)
Q2 2020 1,127.30 5.8 % 1,332.41 (2.3 %) (192.79) (36.1 %)
Q3 2020 1,185.15 4.1 % 1,479.84 2.7 % (231.00) (113.3 %)
Q4 2020 1,214.21 6.3 % 1,610.11 6.3 % (636.70) (65.3 %)
Q1 2021 1,206.64 7.6 % 1,604.24 27.4 % (346.77) 3.3 %
Q2 2021 1,231.43 9.2 % 1,653.14 24.1 % (336.80) (74.7 %)
Q3 2021 1,392.89 17.5 % 1,722.06 16.4 % (279.06) (20.8 %)
Q4 2021 1,309.43 7.8 % 1,680.16 4.4 % (288.98) 54.6 %
Q1 2022 1,311.57 8.7 % 1,807.61 12.7 % (241.02) 30.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 221.41 47.1 % 0.09 - 221.41 0.09
Q2 2013 241.46 34.6 % 0.10 - 241.46 0.10
Q3 2013 262.03 33.9 % 0.10 - 262.03 0.10
Q4 2013 279.86 34.8 % 0.11 - 279.86 0.11
Q1 2014 292.84 32.3 % 0.12 - 292.84 0.12
Q2 2014 307.66 27.4 % 0.12 - 307.66 0.12
Q3 2014 331.34 26.4 % 0.13 - 331.34 0.13
Q4 2014 332.60 18.8 % 0.13 - 332.60 0.13
Q1 2015 344.11 17.5 % 0.14 - 344.11 0.14
Q2 2015 364.76 18.6 % 0.15 - 364.76 0.15
Q3 2015 375.19 13.2 % 0.15 - 375.19 0.15
Q4 2015 385.92 16.0 % 0.15 - 385.92 0.15
Q1 2016 391.32 13.7 % 0.16 - 391.32 0.16
Q2 2016 409.12 12.2 % 0.16 - 409.12 0.16
Q3 2016 311.61 (16.9 %) 0.12 - 311.61 0.12
Q4 2016 390.22 1.1 % 0.16 - 390.22 0.16
Q1 2017 421.32 7.7 % 0.17 - 421.32 0.17
Q2 2017 488.22 19.3 % 0.20 - 488.22 0.20
Q3 2017 541.76 73.9 % 0.22 - 541.76 0.22
Q4 2017 560.05 43.5 % 0.22 - 560.05 0.22
Q1 2018 567.27 34.6 % 0.23 - 567.27 0.23
Q2 2018 605.79 24.1 % 0.24 - 605.79 0.24
Q3 2018 636.93 17.6 % 0.25 - 636.93 0.25
Q4 2018 1,046.96 86.9 % 0.42 556.58 490.38 0.20
Q1 2019 637.84 12.4 % 0.26 - 637.84 0.26
Q2 2019 675.67 11.5 % 0.27 - 675.67 0.27
Q3 2019 712.78 11.9 % 0.29 - 712.78 0.29
Q4 2019 508.53 (51.4 %) 0.20 - 508.53 0.20
Q1 2020 370.27 (41.9 %) 0.15 - 370.27 0.15
Q2 2020 572.49 (15.3 %) 0.23 - 572.49 0.23
Q3 2020 629.25 (11.7 %) 0.25 - 629.25 0.25
Q4 2020 393.99 (22.5 %) 0.16 - 393.99 0.16
Q1 2021 641.84 73.3 % 0.26 - 641.84 0.26
Q2 2021 710.33 24.1 % 0.28 - 710.33 0.28
Q3 2021 738.09 17.3 % 0.30 - 738.09 0.30
Q4 2021 619.13 57.1 % 0.25 - 619.13 0.25
Q1 2022 824.75 28.5 % 0.33 - 824.75 0.33

Balance Sheet (B)

Period Assets Change Customer Deposits Change Financing Investments Change
Q1 2013 56.24 41.0 % 34.36 61.1 % 39.42 42.8 %
Q2 2013 57.94 31.1 % 36.47 40.4 % 41.57 38.4 %
Q3 2013 59.14 18.6 % 37.62 31.7 % 41.91 19.8 %
Q4 2013 63.00 16.6 % 42.76 32.7 % 44.92 20.8 %
Q1 2014 65.44 16.4 % 45.14 31.4 % 45.81 16.2 %
Q2 2014 70.60 21.8 % 48.98 34.3 % 49.01 17.9 %
Q3 2014 75.46 27.6 % 53.39 41.9 % 50.22 19.8 %
Q4 2014 80.86 28.3 % 59.43 39.0 % 53.64 19.4 %
Q1 2015 83.69 27.9 % 61.56 36.4 % 55.01 20.1 %
Q2 2015 81.84 15.9 % 60.59 23.7 % 53.39 8.9 %
Q3 2015 82.39 9.2 % 60.38 13.1 % 53.47 6.5 %
Q4 2015 88.72 9.7 % 65.69 10.5 % 57.01 6.3 %
Q1 2016 91.61 9.5 % 68.79 11.7 % 60.25 9.5 %
Q2 2016 98.19 20.0 % 74.17 22.4 % 66.49 24.5 %
Q3 2016 102.94 24.9 % 77.32 28.1 % 69.27 29.6 %
Q4 2016 104.73 18.0 % 80.61 22.7 % 70.31 23.3 %
Q1 2017 105.08 14.7 % 81.45 18.4 % 73.54 22.1 %
Q2 2017 111.18 13.2 % 85.78 15.7 % 76.96 15.8 %
Q3 2017 111.12 8.0 % 87.23 12.8 % 77.81 12.3 %
Q4 2017 114.75 9.6 % 89.06 10.5 % 79.06 12.4 %
Q1 2018 113.94 8.4 % 89.34 9.7 % 79.01 7.4 %
Q2 2018 116.78 5.0 % 88.94 3.7 % 82.13 6.7 %
Q3 2018 120.21 8.2 % 89.87 3.0 % 83.17 6.9 %
Q4 2018 121.54 5.9 % 90.13 1.2 % 83.89 6.1 %
Q1 2019 121.79 6.9 % 92.26 3.3 % 85.88 8.7 %
Q2 2019 123.48 5.7 % 92.82 4.4 % 87.67 6.7 %
Q3 2019 128.01 6.5 % 99.84 11.1 % 90.78 9.2 %
Q4 2019 131.84 8.5 % 102.06 13.2 % 94.80 13.0 %
Q1 2020 138.02 13.3 % 103.87 12.6 % 97.78 13.9 %
Q2 2020 142.20 15.2 % 107.42 15.7 % 103.18 17.7 %
Q3 2020 147.85 15.5 % 111.32 11.5 % 105.33 16.0 %
Q4 2020 156.88 19.0 % 119.45 17.0 % 111.20 17.3 %
Q1 2021 159.95 15.9 % 120.71 16.2 % 117.15 19.8 %
Q2 2021 164.06 15.4 % 125.88 17.2 % 119.62 15.9 %
Q3 2021 166.81 12.8 % 116.65 4.8 % 121.32 15.2 %
Q4 2021 173.48 10.6 % 121.06 1.3 % 126.27 13.6 %
Q1 2022 179.52 12.2 % 128.04 6.1 % 128.97 10.1 %

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
Q1 2013 1.67 % 4.88 % 45.54 %
Q2 2013 1.70 % 5.19 % 45.78 %
Q3 2013 1.71 % 5.51 % 47.66 %
Q4 2013 1.72 % 6.00 % 49.72 %
Q1 2014 1.77 % 6.32 % 51.32 %
Q2 2014 1.78 % 6.61 % 53.15 %
Q3 2014 1.80 % 6.88 % 54.49 %
Q4 2014 1.76 % 7.27 % 55.32 %
Q1 2015 1.76 % 7.60 % 56.31 %
Q2 2015 1.80 % 7.76 % 55.92 %
Q3 2015 1.79 % 7.86 % 57.08 %
Q4 2015 1.73 % 8.10 % 57.71 %
Q1 2016 1.73 % 8.57 % 56.87 %
Q2 2016 1.73 % 8.60 % 55.56 %
Q3 2016 1.62 % 8.11 % 48.01 %
Q4 2016 1.55 % 8.01 % 43.10 %
Q1 2017 1.56 % 8.17 % 40.73 %
Q2 2017 1.54 % 8.55 % 40.59 %
Q3 2017 1.72 % 9.55 % 44.75 %
Q4 2017 1.83 % 10.18 % 47.27 %
Q1 2018 1.97 % 10.85 % 49.48 %
Q2 2018 2.00 % 11.70 % 50.27 %
Q3 2018 2.05 % 11.83 % 49.86 %
Q4 2018 2.42 % 13.72 % 58.38 %
Q1 2019 2.48 % 14.41 % 57.73 %
Q2 2019 2.50 % 14.71 % 57.09 %
Q3 2019 2.48 % 14.58 % 56.87 %
Q4 2019 2.00 % 11.59 % 45.78 %
Q1 2020 1.75 % 10.49 % 40.18 %
Q2 2020 1.63 % 9.71 % 38.51 %
Q3 2020 1.51 % 9.05 % 37.61 %
Q4 2020 1.36 % 8.39 % 35.94 %
Q1 2021 1.50 % 9.35 % 41.24 %
Q2 2021 1.55 % 9.78 % 43.62 %
Q3 2021 1.58 % 10.10 % 44.34 %
Q4 2021 1.64 % 10.81 % 47.72 %
Q1 2022 1.70 % 11.21 % 49.86 %

Ratios

Period Customer Deposits Per Total Assets Financing Investments/Customer Deposits Financing Investments/Total Assets
Q1 2013 61.10 % 114.72 % 70.09 %
Q2 2013 62.94 % 113.99 % 71.74 %
Q3 2013 63.61 % 111.41 % 70.87 %
Q4 2013 67.88 % 105.05 % 71.31 %
Q1 2014 68.97 % 101.49 % 70.00 %
Q2 2014 69.37 % 100.07 % 69.42 %
Q3 2014 70.75 % 94.07 % 66.55 %
Q4 2014 73.49 % 90.26 % 66.33 %
Q1 2015 73.56 % 89.37 % 65.74 %
Q2 2015 74.03 % 88.11 % 65.23 %
Q3 2015 73.28 % 88.56 % 64.90 %
Q4 2015 74.04 % 86.77 % 64.25 %
Q1 2016 75.08 % 87.59 % 65.77 %
Q2 2016 75.54 % 89.65 % 67.72 %
Q3 2016 75.11 % 89.60 % 67.30 %
Q4 2016 76.97 % 87.22 % 67.14 %
Q1 2017 77.51 % 90.30 % 69.99 %
Q2 2017 77.16 % 89.72 % 69.22 %
Q3 2017 78.50 % 89.20 % 70.02 %
Q4 2017 77.62 % 88.77 % 68.90 %
Q1 2018 78.41 % 88.44 % 69.34 %
Q2 2018 76.16 % 92.34 % 70.33 %
Q3 2018 74.76 % 92.55 % 69.19 %
Q4 2018 74.16 % 93.08 % 69.02 %
Q1 2019 75.75 % 93.08 % 70.51 %
Q2 2019 75.17 % 94.45 % 71.00 %
Q3 2019 77.99 % 90.93 % 70.92 %
Q4 2019 77.41 % 92.89 % 71.91 %
Q1 2020 75.26 % 94.14 % 70.85 %
Q2 2020 75.54 % 96.05 % 72.56 %
Q3 2020 75.29 % 94.62 % 71.24 %
Q4 2020 76.15 % 93.09 % 70.88 %
Q1 2021 75.46 % 97.05 % 73.24 %
Q2 2021 76.73 % 95.03 % 72.92 %
Q3 2021 69.93 % 104.00 % 72.73 %
Q4 2021 69.79 % 104.30 % 72.79 %
Q1 2022 71.32 % 100.73 % 71.84 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2013 2,500.00 0.32 0.32 - 6.76
Q2 2013 2,500.00 0.35 0.35 - 6.85
Q3 2013 2,500.00 0.37 0.37 - 6.97
Q4 2013 2,500.00 0.40 0.40 - 6.73
Q1 2014 2,500.00 0.43 0.43 - 6.86
Q2 2014 2,500.00 0.46 0.46 - 6.98
Q3 2014 2,500.00 0.48 0.48 - 7.12
Q4 2014 2,500.00 0.51 0.51 - 7.18
Q1 2015 2,500.00 0.53 0.53 - 6.98
Q2 2015 2,500.00 0.55 0.55 - 7.16
Q3 2015 2,500.00 0.57 0.57 - 7.29
Q4 2015 2,500.00 0.59 0.59 - 7.34
Q1 2016 2,500.00 0.61 0.61 - 7.18
Q2 2016 2,500.00 0.62 0.62 - 7.36
Q3 2016 2,500.00 0.60 0.60 - 7.49
Q4 2016 2,500.00 0.60 0.60 - 7.67
Q1 2017 2,500.00 0.61 0.61 - 7.83
Q2 2017 2,500.00 0.64 0.64 - 7.71
Q3 2017 2,500.00 0.74 0.74 - 7.94
Q4 2017 2,500.00 0.80 0.80 - 8.14
Q1 2018 2,500.00 0.86 0.86 - 8.07
Q2 2018 2,500.00 0.91 0.91 - 7.84
Q3 2018 2,500.00 0.95 0.95 - 8.08
Q4 2018 2,500.00 1.14 0.92 - 8.52
Q1 2019 2,500.00 1.17 0.95 - 8.18
Q2 2019 2,500.00 1.20 0.98 - 8.47
Q3 2019 2,500.00 1.23 1.01 - 8.77
Q4 2019 2,500.00 1.01 1.01 1.02 8.98
Q1 2020 2,500.00 0.91 0.91 0.91 9.11
Q2 2020 2,500.00 0.87 0.87 0.87 9.35
Q3 2020 2,500.00 0.83 0.83 0.83 9.62
Q4 2020 2,500.00 0.79 0.79 0.79 9.77
Q1 2021 2,500.00 0.90 0.90 0.90 10.03
Q2 2021 2,500.00 0.95 0.95 0.95 10.08
Q3 2021 2,500.00 0.99 0.99 1.00 10.07
Q4 2021 2,500.00 1.08 1.08 1.09 10.28
Q1 2022 2,500.00 1.16 1.16 1.16 10.61

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 24.62 24.62 1.17
Q2 2013 23.64 23.64 1.20
Q3 2013 22.60 22.60 1.21
Q4 2013 22.24 22.24 1.33
Q1 2014 25.99 25.99 1.63
Q2 2014 23.91 23.91 1.56
Q3 2014 30.40 30.40 2.07
Q4 2014 24.19 24.19 1.70
Q1 2015 25.14 25.14 1.89
Q2 2015 24.67 24.67 1.89
Q3 2015 17.83 17.83 1.39
Q4 2015 15.07 15.07 1.21
Q1 2016 12.67 12.67 1.07
Q2 2016 12.55 12.55 1.07
Q3 2016 11.40 11.40 0.91
Q4 2016 15.05 15.05 1.18
Q1 2017 14.70 14.70 1.15
Q2 2017 14.18 14.18 1.18
Q3 2017 14.23 14.23 1.32
Q4 2017 14.27 14.27 1.41
Q1 2018 14.32 14.32 1.53
Q2 2018 14.12 14.12 1.64
Q3 2018 13.62 13.62 1.60
Q4 2018 12.07 14.98 1.62
Q1 2019 12.43 15.35 1.78
Q2 2019 12.31 15.12 1.74
Q3 2019 10.97 13.40 1.54
Q4 2019 14.91 14.91 1.69
Q1 2020 13.71 13.71 1.37
Q2 2020 13.37 13.37 1.24
Q3 2020 15.75 15.75 1.36
Q4 2020 16.38 16.38 1.32
Q1 2021 16.36 16.36 1.47
Q2 2021 17.72 17.72 1.67
Q3 2021 19.20 19.20 1.91
Q4 2021 17.59 17.59 1.86
Q1 2022 26.84 26.84 2.93

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage Others
Q1 2013 145.56 267.62 103.74 4.79 -
Q2 2013 159.00 269.96 112.21 17.96 -
Q3 2013 163.71 265.82 102.78 10.15 -
Q4 2013 163.15 321.84 162.65 8.14 -
Q1 2014 186.32 270.65 133.18 9.69 -
Q2 2014 211.90 266.07 107.79 25.61 -
Q3 2014 217.99 326.18 116.88 26.28 -
Q4 2014 224.12 332.08 137.48 27.63 -
Q1 2015 247.68 326.48 123.74 31.70 -
Q2 2015 264.91 380.71 163.50 36.38 -
Q3 2015 266.23 333.07 78.56 30.08 -
Q4 2015 262.89 394.75 87.07 35.00 -
Q1 2016 271.68 317.10 105.45 40.10 -
Q2 2016 279.19 357.18 139.50 44.01 -
Q3 2016 296.86 369.34 121.78 40.73 -
Q4 2016 287.93 396.96 199.08 60.90 -
Q1 2017 381.21 424.83 147.59 51.22 -
Q2 2017 388.98 400.06 170.34 47.33 -
Q3 2017 419.81 416.05 180.54 46.35 -
Q4 2017 431.88 459.06 218.35 189.37 -
Q1 2018 451.77 384.81 205.15 68.03 -
Q2 2018 462.86 444.90 222.57 100.68 -
Q3 2018 502.29 452.86 146.49 110.06 -
Q4 2018 482.34 298.75 439.46 71.90 -
Q1 2019 591.63 437.92 174.13 85.95 -
Q2 2019 613.57 412.84 258.85 78.95 -
Q3 2019 636.28 478.53 241.64 84.52 -
Q4 2019 625.88 470.10 292.43 126.94 -
Q1 2020 704.81 422.91 32.69 107.63 -
Q2 2020 575.08 407.84 218.76 121.98 -
Q3 2020 609.10 531.29 199.35 140.09 -
Q4 2020 737.85 505.40 203.40 163.46 -
Q1 2021 676.62 504.98 243.84 180.82 -
Q2 2021 604.14 592.09 284.39 170.50 -
Q3 2021 649.17 683.65 242.45 146.79 -
Q4 2021 638.26 627.40 275.12 139.39 -
Q1 2022 627.88 582.67 397.78 199.28 -

Analysts Estimates (Million)

Item Q1 2022 (e) Q1 2022 (a) Change‬
Average 739.69 824.75 11.50 %

Estimates vs Actual (Million)

Item Q1 2022 (e) Q1 2022 (a) Change
Arqaam Capital 815.00 824.75 1.2 %
OSOOL AND BAKHEET 758.71 824.75 8.7 %
SNB Capital 753.00 824.75 9.5 %
Riyad Capital 744.00 824.75 10.9 %
AlJazira Capital 723.40 824.75 14.0 %
Sico 644.00 824.75 28.1 %

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