Alinma Bank Achieves Q2 Net Income of 68 million SAR

Alinma Bank announced that for the second quarter of 2009 it had achieved net income of 68 million SAR, compared to net income of 109 million SAR in the previous quarter, a decrease of 38%. The decrease was attributed to a decline in investment income and an increase of operational expenses related to the development of new branch offices and pre-operational expenses of Alinma Investment.

At the end of June, the bank’s net income for the current fiscal year stood at 561 million SAR, while total assets amounted to 16,613 million SAR. Earnings per share equaled 0.37 SAR.

Alinma Bank CEO, Mr. Abdulmohsen Bin Abdulaziz Al Fares, explained that because the bank is currently in the midst of its first fiscal year and was not operational in June 2008, there were no comparative year-over-year results to report for the period ending in June 2009. Alinma’s first fiscal year covers the period from May 26, 2008 (the date of the Ministerial Resolution establishing the bank) through December 31, 2009.

Concerning Alinma’s current operational status, Mr. Al Fares said that the bank had begun providing services through a number of branches and ATMs covering all regions of the Kingdom. Additionally, he noted that banking services were likewise available through Alinma’s various electronic channels and that over the next month, more branches and ATMs would open across the Kingdom.

Mr. Al Fares also emphasized that the bank had developed a clear strategy that would enable it to play a major role in the Saudi banking sector, and that its strategy would be executed by qualified personnel and through the application of the latest banking technologies. He concluded by reiterating Alinma Bank’s commitment to providing innovative, Shariah-compliant products and services in the areas of retail and corporate banking.