Alinma Bank has announced the achievement of a net profit of SAR 1,203 million during the first half of 2018 compared to SAR 910 million for the same period of last year reflected a growth of 32%. Net profit for the second quarter of 2018 was SAR 621 million. This represents an improvement over the SAR 488 million net profit earned for the same quarter of the previous year, an increase of 27%. It also showed an increase of 7% over the SAR 582 million earned during the first quarter of 2018.
Speaking about the financial results, Mr. Abdulmohsen Al-Fares, CEO of Alinma Bank, said that the results represented considerable growth in all major banking activities. He went on to detail the bank’s performance as follows:
- Assets rose to SAR 117 billion as on June 30, 2018 compared to SAR 111 billion as of same period of the previous year, an increase of 5%.
- Total operating income during the first half of 2018 stood at SAR 2,341 million, compared to SAR 2,012 million for the same period of the previous year, an increase of 16%.
- Net income from financing and investment activities amounted to SAR 1,839 million, compared to SAR 1,649 million for the same period of the previous year, an increase of 12%.
- The financing portfolio amounted to SAR 82 billion as of June 30, 2018, compared to SAR 77 billion as on the same period of the previous year, an increase of 6%.
- Customer deposits amounted to SAR 89 billion as of June 30, 2018, compared to SAR 86 million as on the same period of the previous year, an increase of 3%.
- Earnings per share during the six month period of 2018 rose to 81 halalas, compared to 0.61 halalas for the same period of the previous year.
Mr. Al-Fares concluded that Alinma Bank has witnessed steady growth in all activities and offers a comprehensive array of products and services to both its retail and corporate partners (customers). The bank serves its partners through a kingdom-wide network of 150 branches and 1,440 ATMs