Alinma Bank has announced that it earned a net profit of SAR 421 million during the first quarter of 2017. This represents an 8% improvement over the SAR 391 million net profit earned in the corresponding quarter of 2016. This was also an increase over the SAR 390 million earned during the fourth quarter of 2016.
Speaking about the financial results for the period that ended on March 31, 2017, Mr. Abdulmohsen Al-Fares, CEO of Alinma Bank, said that the Q1 results represented growth in all major banking activities. He went on to detail the bank’s performance as follows:
- Assets rose to SAR 105,256 million compared to SAR 91,611 million for the same period of the previous year, an increase of 15%. The result was also an improvement over the SAR 104,730 million recorded during the fourth quarter of 2016.
- Total operating income during the first quarter of 2017 stood at SAR 1,005 million, compared to SAR 734 million for the same quarter of the previous year, an increase of 37%.
- Net income from financing and investment activities amounted to SAR 814 million, compared to SAR 611 million from the same quarter of the previous year, an increase of 33%.
- The financing portfolio amounted to SAR 73,542 million as of March 31, 2017, compared to SAR 60,250 million for the same period of the previous year, an increase of 22%.
- Customer deposits amounted to SAR 81,445 million, compared to SAR 68,785 million for the same period of the previous year, an increase of 18%.
- Earnings per share during the first quarter of 2017 rose to 28 halalas, compared to 26 halalas per share during the same quarter of the previous year.
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). The bank serves its partners through a kingdom-wide network of 136 branches and 1,365 ATMs.