Alinma Bank has announced the achievement of a net profit of SAR 293 million during the first quarter of 2014. This represents an improvement over the SAR 221 million net profit earned in the corresponding quarter of 2013, an increase of 33%. This was also an increase over the SAR 280 million earned during the fourth quarter of 2013.
Speaking about the financial results for the period that ended on March 31, 2014, Mr. Abdulmohsen Al-Fares, CEO of Alinma Bank, said that the Q1 results represented considerable growth in all major banking activities. He went on to detail the bank’s performance as follows:
- Assets rose to SAR 65,444 million compared to SAR 56,237million for the same period of the previous year, an increase of 16%. The result was also an improvement over the SAR 63,001 million recorded during the fourth quarter of 2013.
- Total operating income during the first quarter of 2014 stood at SAR 600million, compared to SAR 522million for the same quarter of the previous year, an increase of 15%.
- Net income from financing and investment activities amounted to SAR 513 million, compared to SAR 443million from the same quarter of the previous year, an increase of 16%.
- The financing portfolio amounted to SAR 45,811 million as of March 31, 2014, compared to SAR 39,416 million for the same period of the previous year, an increase of 16%.
- Customer deposits amounted to SAR 45,140 million, compared to SAR 34,358 million for the same period of the previous year, an increase of 31%.
- Earnings per share during the first quarter of 2014 rose to 20 halalas, compared to 15 halalas per share during the same quarter of the previous year, an increase of 33%.
Mr. Al-Fares concluded by saying that Alinma Bank has witnessed steady growth in all activities and offers a comprehensive array of outstanding products and services to both its retail and corporate partners (customers). He also noted that the bank’s branch network has continued to expand rapidly with the current number of branches standing at 97 locations across the kingdom.
The bank also provides a variety of electronic services that allow bank partners to access their accounts and execute banking transactions around-the-clock. These include Alinma Internet (www.alinma.com), Alinma Mobile, Alinma Phone (8001208000), Alinma’s smartphone application (Apple, Android, Windows Phone & BlackBerry compatible) and its network of more than 870 ATMs.