Alinma Bank has announced its consolidated financial results for the period ended June 30, 2010.Net income for the quarter amounted to SAR 3 million, compared to net income of SAR 68 million for the same quarter of the previous year, and a net loss of SAR 75 million for the previous quarter of 2010. Total assets amounted to SAR 24,948 million, compared to SAR 16,613 million for the same period of previous year, and 18.833 million for the first quarter 2010, a year-over-year increase of 50%. The bank’s financing portfolio amounted to SAR 8,426 million, compared to SAR 416 million for the same period of the previous year and 3,596 million for the first quarter 2010, a year-over-year increase of 1925%. And customers’ deposits amounted to SAR 6,409 million, compared to SAR 537 million for the same period of previous year, and 2.975 million for the first quarter 2010, a year-over-year increase of 1091%.
Speaking on the results, Alinma CEO, Mr. Abdulmohsen Al-Fares said that he was pleased with the bank’s 2010 progress, noting that the bank had gone from a net loss in Q1 2010 to a net profit for Q2 2010, signaling that the bank’s actual operational efforts were yielding results. More importantly, said Al-Fares, was the bank’s ability during the quarter to continue attracting new partners (customers), which in turn positively impacted the bank’s deposits. Al-Fares added that Alinma would continue through 2010 to expand its branch network as part of its plan to operate more than 100 branches over the next 5 years. He said that products and services would also continue to expand and that Alinma would continue to serve its partners with the excellence and professionalism that are the Alinma trademark.