Alinma Bank has announced its consolidated financial results for the period ended March 31, 2011, during which the bank achieved a net income of SAR 70 million. This compares to a net loss of SAR 75 million for the same period of the previous year.
Mr. Abdulmohsen Al-Fares, the CEO of the bank, said that the results showed solid growth in the major activities of the bank and that the year-over-year improvement came as a direct result of a significant increase in the number of Alinma partners (clients) and the growth of operations, which Al-Fares said boded well for the banks future prospects.
Al-Fares also pointed to the increase in partner deposits and financing portfolio as well as other positive indicators of the bank’s health and growth, which has been steadily improving since Alinma’s launch. He further noted that products, services and the branch network have also continued to grow steadily.
Alinma’s Q1 2011 results can be comparatively summarized (year-over-year) as follows:
1. Total assets grew from SAR 18,833 million to SAR 29,758 million, an increase of 58%.
2. Total operating income increased from SAR 82 million to SAR 262 million, an increase of 219%.
3. Net income from investments and financing activities grew from SAR 67 million to SAR 239 million, an increase of 256%.
4. The financing portfolio increased from SAR 3,596 million to SAR 20,378 million, an increase of 467%.
5. Client deposits rose from SAR 2,975 million to SAR 11,314 million, an increase of 280%.
Alinma Bank currently serves it partners through 28 men’s branches and 16 ladies’ branches across the Kingdom. Additionally, Alinma provides its partners with a range of round-the-clock electronic services, which include Alinma Internet (www.alinma.com), Alinma Mobile, Alinma Phone (8001208000), and a kingdom-wide network of more than 255 ATMs.