Alinma Bank has announced its consolidated financial results for the 2011 financial year, which extended from January 1, 2011 through December 31, 2011. For the period, the bank achieved a net income of SAR 431 million, which represents growth of 2773% over the bank’s 2010 net income of SAR 15 million.
Mr. Abdulmohsen Al-Fares, the CEO of Alinma Bank, said that the dramatic increase came as a result of outstanding growth in the bank’s partner (clients) base, general operations, income from major bank activities, product and service offerings and branch and e-channel networks.
Al-Fares also noted that during 2011 the bank had placed specific focus on the launch of its standalone branches and expansion of its regional presence in key areas of the Kingdom. In particular, the bank launched official operations in the Western, Eastern, and Qassim regions of Saudi Arabia. He emphasized that the standalone branches, which have been uniquely designed to address partner needs and to facilitate efficient partner visits to branches, give Alinma a distinguished physical presence that has been important in raising the profile of the bank and driving overall growth. Alinma Bank also leverages the latest in banking technology to serve its partners through a comprehensive array of electronic channels that include Alinma Internet (www.alinma.com), Alinma Phone (8001208000), Alinma Mobile and a kingdom-wide network of ATMs.
Alinma Bank’s financial results for the quarter and year that ended on December 31, 2011, can be summarized as follows:
1. Net income for the fourth quarter amounted to SAR 136 million, compared to net income of SAR 67 million for the same quarter of previous year with an increase of 103%, and compared to a net income of SAR 122 million for the third quarter with an increase of 11%.
2. Total operating income for the fourth quarter amounted to SAR 487 million compared to SAR 215 million for the same quarter of last year with an increase of 127%.
3. Income from investing and financing activities for the fourth quarter amounted to SAR 316 million compared to SAR 196 million for the same quarter of previous year with an increase of 61%.
4. Net income for the year at SAR 431 million, compared to net income of SAR 15 million for the previous year registered an increase of 2,773%.
5. Earning per share for the year amounted to SAR 0.29 compared to SAR 0.01 for the previous financial year.
6. Total operating income for the year amounted to SAR 1,388 million compared to SAR 662 million for the previous financial year with an increase of 110%.
7. Income from investing and financing activities for the year amounted to SAR 1,112 million compared to SAR 525 million for the previous financial year with an increase of 112%.
8. Total assets as at December 31, 2011 amounted to SAR 36,783 million compared to SAR 26,549 million as at December 31, 2010 with an increase of 39%, investments as at December 31, 2011 amounted to SAR 3,428 million compared to SAR 2,624 million as at December 31, 2010 with an increase of 31%, financing portfolio as at December 31, 2011 amounted to SAR 25,259 million compared to SAR 15,593 million as of December 31, 2010 with an increase of 62%, and the customers deposit as at December 31, 2011 amounted to SAR 17,776 million compared to SAR 8,316 million as at December 31, 2010 with an increase of 114%.
9. Increase in net income for the fourth quarter and year ended December 31, 2011 compared to same period of last year was mainly due to significant growth in the core banking activities. Certain prior periods figures have been reclassified to conform with the current year presentation.