Alinma Bank announced that for the third quarter of 2009 it had achieved net income of 39 million SAR, compared to net income of 69 million SAR in the previous quarter, a decrease of 43%. The decrease was attributed to a decline in investment income and an increase in operational expenses of new branch offices.
The bank’s net income for the current fiscal year through September 30, 2009 reached 600 million SAR. Total assets of the bank amounted to 16,515 million SAR, total investments stood at 2,858 million SAR, and total client deposits equaled 783 million SAR.
Alinma Bank CEO, Mr. Abdulmohsen Abdulaziz Al Fares, explained that because the bank is currently in the midst of its first fiscal year and was not operational in the corresponding period in 2008, there were no comparative year-over-year results to report. 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.
Mr. Al Fares said that during the third quarter, Alinma had launched its services through its branches, the Alinma ATM network, Alinma Internet (www.alinma.com) and Alinma Phone (8001208000). He noted that by the close of the third quarter the bank had opened a total of 18 branches, including 12 for men and 6 for ladies, and that the branch network expansion for the period was is in accordance with the bank’s overall development plan. He also said that several bank-owned branches were currently under construction in various regions of the Kingdom.
Mr. Al Fares also said that the bank had recently launched its initial advertising and media campaign under the slogan "Tafa’al," which reflects the bank’s operational approach and highlights the role the bank hopes to play in establishing strategic relationships with its partners. He added that optimism is a well established cultural principle that implies positivism, initiative and excellence. He noted that this principle was alive and well in the Kingdom, which has emerged, on the economic front, as a country successfully navigating the rapid and sometimes difficult economic changes taking place in the world today.
The CEO concluded his statement by stating that the bank had developed a clear strategy that would be implemented by qualified personnel using the latest technologies. This, he said, would enable the bank to help its partners and shareholders achieve their aspirations as well as to play a major role in Saudi economic development in the coming years.
Alinma Bank seeks to provide innovative products and services in the area of retail and corporate banking.