Alinma Bank announced that it had achieved net profits of SAR 109 million during the first three months of 2009. These results bring cumulative net profits for Alinma’s current financial year, which will end on December 31, 2009, to SAR 499 million. With the addition of these financial results, the total assets of the bank came to SAR 16,187 million, while the total investments and Murabaha financing stood at SAR 15,--- million and cumulative shareholder equity amounted to SAR 15,499 million. The YTD earnings per share stood at SAR 0.33.
The results were announced by Mr. Abdulmohsen Al Fares, the chief executive officer of Alinma Bank, who explained that the results could not be compared with the corresponding period of the prior year due to the fact that the bank is still in its first financial year, which covers the period from May 26, 2008 (the date of the ministerial resolution announcing the establishment of the bank) through December 31, 2009.
Mr. Al Fares added that the bank would commence commercial operations by the end of the second quarter of this year. He said that towards that end, technical systems had already been tested and that branch preparations were nearing completion. He said that in addition to service through its branches, Alinma would also provide banking services to its partners (clients) through its network of kingdom-wide ATMs as well as through various other electronic channels.
Mr. Al Fares also said that the bank had completed most of its projects related to its launch and had started recruiting and training male and female staff in cooperation with the Saudi Arabian Monetary Agency’s Institute of Banking and other training institutions.
Mr. Al Fares concluded by mentioning that the bank had developed a clear strategy which would enable it to play a major role in the Saudi banking sector. He said that this strategy would be implemented by qualified personnel and through the use of the latest technologies.
Alinma Bank will seek to provide innovative, Shariah-compliant products and services in the areas of retail and corporate banking.