Alinma Bank announced net income of SAR 221 million during the first quarter of the current year (2013) compared to a net income of SAR 150 million earned during similar quarter of 2012 (an increase of 47%) and compared to the net income of SAR 208 million for the fourth quarter of 2012 (an increase of 6%).
Speaking about the financial results for the period ended March 31, 2013, Mr. Abdulmohsen Bin Abdulaziz Al Fares, the CEO of Alinma Bank, said that the results for the first quarter of this year showed good growth in the core activities of the bank. The bank's assets increased by 41% to SAR 56,237 million, compared to SAR 39,872 million as of the corresponding period of the previous year. Total income from operations for the first quarter of 2013 amounted to SAR 522 million compared to SAR 393 million for the same quarter of 2012 with an increase of 33%. Net income from Financing and Investment activities during the first quarter of 2013 reached SAR 443 million, compared to SAR 330 million for the same quarter of previous year, with an increase of 34%, and SAR 433 million for the fourth quarter of 2012. Mr. Al Fares added that financing portfolio on March 31, 2013 amounted to SAR 39.416 million, compared to SAR 27,608 million at the end of the same period previous year with an increase of 43%. Deposits of Alinma partners reached SAR 34,358 million, compared to SAR 21,329 million at the end of same period previous year with an increase of SAR 61%.
Mr. Al Fares indicated that the bank added 3 branches for men and women and 50 ATMs during the quarter bringing the total number of branches to 91 and 700 ATMs.
With respect to the most important achievements made during the first quarter of 2013, Mr. Al Fares apprised about the efficiency and quality of services provided by the bank. He referred to the agreement concluded with the Saudi Postal Corporation to provide foreign remittance service which would contribute to raising the level and efficiency of remittance services in the Kingdom. In this regard, the bank invested in building automated systems and an integrated infrastructure for this purpose. Likewise, a comprehensive training plan has been prepared in coordination with the Saudi Post and a distinct set of branches for remittanceshave been equipped and will soon be launched.
In the area of social responsibility of the bank, Mr. Al Fares mentioned the bank's participation, in collaboration with leading Saudi companies , in the establishment of the Institute of Entrepreneurship, which aims to support the national objective of transforming youth efforts from job searching to self-employment through deployment of entrepreneurial culture, building positive behavior towards self-employment among Saudi youths, providing programs, mechanism and tools that would enhance entrepreneurship and develop small and medium projects, exploring available investment opportunities, training and rehabilitating young men and women and providing them with guidance, coordinating with relevant authorities to facilitate the establishment of small and medium projects, providing and supporting applied studies in areas of entrepreneurship, building databases to provide information related to entrepreneurship, approving and classifying entities and individuals implementing the Institute's programs. Mr. Al Fares added that the bank's participation in the establishment of this institute comes out of its keenness to support social service projects as the bank is an integral part of the community.
In conclusion, Mr. Al Fares appreciated the growth in the number of the bank's partners (customers), operations and the products and services offered to retail and corporate segments attributable to the significant role played by respective business groups, urging them to continue their efforts in this direction. He indicated that the bank offers multiple and modern electronic services which allow partners to access their accounts and execute banking transactions round the clock through alinma internet (www.alinma.com), alinma phone (8001208000), alinma mobile and alinma distinct branches and ATMs.