Alinma Bank has announced that it has achieved net income of SAR 150 million during the first quarter of 2012. This compares to net income of SAR 70 million for the same period of the previous year.
Commenting on the financial results for the period ended March 31, 2012, Mr. Abdulmohsen Al-Fares, the CEO of the bank, explained that the results showed strong growth in the major activities of the bank. The bank’s financial results for the quarter can be summarized as follows:
- Total assets amounted to SAR 39,872 million compared to SAR 29,608 million during the same period of the previous year, an increase of 35%.
- Total operating income rose to SAR 393 million compared to SAR 262 million during the same period of the previous year, an increase of 50%
- Net income from major activities grew from SAR 219 million during the first quarter of 2011 to SAR 330 million in the first quarter of 2012, an increase of 51%.
- The financing portfolio increased from SAR 20,378 million in the first quarter of 2011 to SAR 27,607 million in the first quarter of 2012, an increase of 35%
- Client deposits amounted to SAR 21,329 million compared to SAR 11,314 million in the first quarter of 2011, an increase of 89%.
Mr. Al-Fares added that the bank has continued to grow rapidly and that it offers a broad range of both retail and corporate products and services. Additionally, he noted that the bank’s branch network has also continued its rapid expansion to reach more than 73 sites for men and women across the Kingdom. The bank also offers a full range of around-the-clock, electronic channel services, which include Alinma Internet (www.alinma.com), Alinma Phone (8001208000), Alinma Mobile and Alinma’s kingdom-wide network of more than 447 ATMs.