Alinma Bank has announced net income at SAR 2,517 million for the year ended 2018 compared to the SAR 2,011 million it earned in 2017, an increase of 25%.
Speaking about the financial results for the year 2018, Mr. Abdulmohsen Al-Fares, CEO and Managing Director of Alinma Bank, said that the bank’s performance is attributed to considerable growth in all major banking activities. He went on to summarize the results as follows.
- During 2017, the bank's assets exceeded SAR 121.3 billion compared to SAR 114.8 billion in 2017, an increase of 6%.
- Total operating income for 2018 at SAR 4,845 million compared to SAR 4,373 million for 2017, an increase of 11%.
- Net income from financing and investments for 2018 amounted to SAR 3,798 million compared to the SAR 3,493 million recorded during 2017, an increase of 9%.
- The financing portfolio amounted to SAR 83,685 million as at December 31, 2018 compared to SAR 79,063 million as at December 31, 2017, an increase of 6%.
- At the end of 2018, Customer deposits amounted to SAR 90,128 million compared to SAR 89,065 million in the previous year, an increase of 1%.
Mr. Al-Fares went on to say that the bank has shown steady growth over the past years with the launch of numerous new products for its retail and corporate partners (customers). In addition, Alinma has opened its first digital branch in Riyadh during the year 2018, strengthened its Fintech services position, and expanded its branch network, which now includes 157 branches across Saudi Arabia.
Alinma also provides its services through an array of 24/7 electronic channels, including Alinma Internet (www.alinma.com), Alinma Mobile, Alinma Phone (8001208000), Alinma smartphone applications and a network of more than 1,485 ATMs.