Alinma Bank Achieves SAR 605 Million Net Income for First Fiscal Year
01 Safar 1431 H - 16 January 2010 G
Alinma Bank has announced its initial financial results for its first fiscal year, which covers the period from May 26, 2008 (the date of the ministerial resolution establishing the bank) through December 31, 2009.
Mr. Abdulmohsen Bin Abdulaziz Al Fares, the CEO of the bank, said that net income for the first fiscal year amounted to SAR 605 million, which included net income from the bank’s pre-operating period of SAR 290 million. Total operating income during the first fiscal year reached SAR 954 million, total assets amounted to SAR 17,306 million, investments stood at SAR 1,000 million, and balances with banks and other financial institutions reached SAR 13,846 million. The bank’s financing portfolio amounted to SAR 1,126 million, its customer accounts reached SAR 1,501 million and total equity equaled SAR 15,605 million.
Mr. Al Fares said that Alinma Bank had recently launched a number of services and financial products, the latest of which was its Global Limit service, which enables Alinma partners to qualify for comprehensive financing through a simple, one-time application process. Once accepted, partners are given flexible access to their credit limits, which they may use in full or in part to finance the purchase of products such as real estate or cars. Educational financing is also available through Alinma Bank, which allows partners to pay tuition and school expenses over the course of one year, free of any premiums or fees imposed by educational institutions. Al Fares noted that Alinma’s financing services were distinguished by the absence of administrative fees or other charges, the swiftness of service, transparency and Shariah-compliance.
Mr. Al Fares added that Alinma Bank had begun to service its partners through its more than 20 branches across major cities of the Kingdom. He said that these branches were strategically located and had been designed with partners’ needs in mind assuring quality service from the moment the partner enters the branch through to the conclusion of the partner’s required service. Al Fares said that the halls had been equipped with the latest technologies to help serve partners more efficiently and that each branch had a self-service area in which partners could open an account and request financing and other services in an easy, automated way.
During the last year, Alinma Bank launched more than 85 ATMs to serve its partners along with other electronic channels, such as Alinma Internet (www.alinma.com), which allow partners to complete their transactions easily with the highest standards of excellence and safety. In 2009 the bank received the ISO 27001 certification for information security.
Additionally, bank partners have benefited from Alinma’s deployment of the latest phone banking technology through its Alinma Phone service (800 1208 000). In this area, Alinma received the “Best Technical Call Center in the Middle East 2009” award from “Insights.”
Mr. Al Fares noted that the bank had launched an advertising campaign based on optimism under the slogan “Tafa’al,” which stresses the principles of aspiration, positivity, initiative and excellence in the bank.
This slogan was developed to reflect the achievements of the Kingdom of Saudi Arabia under the wise leadership of the Custodian of the Two Holy Mosques, King Abdullah Bin Abdulaziz, Crown Prince, HRH Prince Sultan Bin Abdulaziz and the Second Deputy of the Custodian of the Two Holy Mosques, HRH Prince Naif Bin Abdulaziz. Through their efforts, the Kingdom has moved forward with an economic strategy that has helped the Kingdom remain economically successful despite the rapid economic changes of recent years.
Alinma Bank seeks to distinguish itself through the quality of its products and their delivery to partners as well as through the level of service afforded partners. It is currently working to leverage the successful establishment of the bank in the first fiscal year as a foundation for operational steps in the years to come.
Alinma Bank is a Saudi joint stock company founded in 2008 with a capital of SAR 15 billion divided into 1.5 billion ordinary shares of equal value. The founding shareholders, the Public Investment Fund, the Public Pension Agency and the General Organization for Social Insurance, own equal shares equaling 30% of the bank's capital, while the remaining 70% was placed for public subscription in April 2008.