Alinma Bank announced the results for the first quarter of fiscal year 2020. Despite the 15% increase in income from the core business of Financing & Investments, the net income declined to SAR 370 million due to the higher provision for credit losses and the downward revaluation of investments compared to the corresponding quarter of 2019.
Speaking about the financial results for the quarter, Mr. Abdulmohsen Al-Fares, CEO of Alinma Bank, said that the Q1 banking activities represented growth in all major banking activities compared with the similar quarter last year. He went on to detail the bank’s performance as follows:
- Assets rose to SAR 138,021 million compared to SAR 121,794 million for the same period of the previous year, an increase of 13%.
- Net income from financing and investment activities amounted to SAR 1,121 million, compared to SAR 976 million for the same quarter of the previous year, an increase of 15%.
- The financing portfolio amounted to SAR 97,784 million as of March 31, 2020, compared to SAR 85,877 million at the same time of the previous year, an increase of 14%.
- Customer deposits amounted to SAR 103,874 million, compared to SAR 92,261 million at the same time of the previous year, an increase of 13%.
Mr. Al-Faris also pointed that the total operating income during the first quarter of the current year 2020 amounted to SAR 1,268 million compared to SAR 1,290 million for the similar quarter last year showing a decrease of 2% due to downward revaluation of investment, and that the Bank has increased its provisions for the credit portfolio as part of the bank’s efforts for strengthening its financial position, and accordingly this has affected the net profit growth pace compared to the prior periods.
With regard to operational aspects, Alinma Bank has added many distinguished banking products and services and invested in the training and qualifying its employees, in addition to enhancing its digital services and products provided to its partners, and nowadays, thankfully the Alinma products are provided with a high efficiency to all sectors, whether for the individual sector, SME or the Corporate sector, which has contributed to the growth of the partner base as well as the growth of the financing portfolios, deposits and bank assets which have achieved new records in the Alinma history.
It worth mentioning that Alinma nowadays has a distinguished network branches spread across the kingdom, and provides modern and multiple electronic services that allow partners to communicate with their accounts and carry out banking operations around the clock through self-banking services Internet www.alinma.com, Alinma Phone baking 8001208000, and a wide network of modern ATMs with more than 1,530 ATMs spread across the Kingdom.