Alinma Bank today announced its first interim financial results, which have been reviewed by independent auditors, for the period ended December 31, 2008.
As per the Articles of Association of the bank, each financial year begins on January 1 and ends on December 31. However, the first financial year starts from the date of the ministerial resolution announcing the establishment of the bank until the end of December of the following year. The first financial year, therefore, covers the period from May 26, 2008 through December 31, 2009. In order to meet regulatory requirements, the interim financial statements have been prepared for the period ended December 31, 2008.
Alinma Bank CEO, Mr. Abdulmohsen Al Fares, said that for the interim period, the bank declared net income of SAR 390 million. This included pre-operating income of SAR 274 million. Total assets stood at SAR 15,556 million, total investments amounted to SAR 14,973 million, and shareholders’ equity was SAR 15,390 million.
He also stated that the bank had deployed its funds in secured and low-risk investments with local institutions.
Moreover, Mr. Al-Fares said that Alinma Bank plans to launch its commercial operations by the end of second quarter of this year. The bank will have a branch network and ATMs in various cities throughout the Kingdom of Saudi Arabia. In addition, it will provide services through e-channels and a call center.
The management of the bank is confident that with its vision, plans and capital base, it will be a valuable addition to the banking industry, which is an important pillar of the national economy of the Kingdom of Saudi Arabia.