alinma Bank announced a net profit of 5,832 million Saudi Riyals after Zakat for the financial year 2024, marking a remarkable growth rate of 20.5% compared to the previous year.
Regarding the financial results, Dr. Abdulmalik bin Abdullah Al-Hogail, Chairman of alinma Bank, explained that the growth was supported by the increase in the bank’s core banking activities during 2024. He confirmed that total assets rose to 276,827 million Saudi Riyals, marking a growth of 17% compared to 236,715 million Riyals last year. The financing portfolio grew by 16.5% to reach 202,308 million Riyals as of December 31, 2024, compared to approximately 173,624 million Riyals last year. Consequently, net income from financing and investment increased by 13% to 8,649 million Riyals, compared to 7,655 million Riyals last year. Customer deposits also saw significant growth, reaching 210,545 million Riyals, a 12.1% increase compared to 187,901 million Riyals last year. The return on assets was 2.27%, and the return on equity was 18.80%. The coverage ratio for non-performing loans was 172.26% for the year ended December 31, 2024.
Dr. Al-Hogail emphasized that the bank’s strong performance in 2024 reflects its continuous commitment to innovation and a deep focus on delivering exceptional banking services tailored to customer needs. He added, "This achievement is the result of our strategic focus on expanding our core banking activities and enhancing financial services. We are confident that this sustainable growth will strengthen the bank's position and its ability to fulfill the aspirations of our customers, shareholders, and society."