Alinma Bank has announced the achievement of a net profit of SAR 1,856 million during the nine months of 2018 compared to SAR 1,451 million for the same period of last year reflected a growth of 28%. Net profit for the third quarter of 2018 was SAR 653 million. This represents an improvement over the SAR 542 million net profit earned for the same quarter of the previous year, an increase of 21%. It also showed an increase of 5% over the SAR 621 million earned during the second 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 120 billion as on September 30, 2018 compared to SAR 111 billion as of same period of the previous year, an increase of 8%.
- Total operating income for the nine months of 2018 stood at SAR 3,552 million, compared to SAR 3,074 million for the same period of the previous year, an increase of 16%.
- Net income from financing and investment activities amounted to SAR 2,826 million, compared to SAR 2,526 million for the same period of the previous year, an increase of 12%.
- The financing portfolio amounted to SAR 83 billion as of September 30, 2018, compared to SAR 78 billion as on the same period of the previous year, an increase of 6.6%.
- Customer deposits amounted to SAR 90 billion as of September 30, 2018, compared to SAR 87 billion 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 SAR 1.25, compared to SAR 0.97 for the same period of the previous year, an increase of 29%.
Mr. Al-Fares concluded that Alinma Bank has witnessed steady growth in all activities and offers a comprehensive array of products and services to its retail, corporate and SME partners (customers). The bank serves its partners through a kingdom-wide network of 152 branches and 1,466 ATMs