Alinma Bank has announced the net profit before Zakat of SAR 1,762 million for the nine months period ended September 30th 2020, while the net profit after Zakat amounted to SAR 1,572 million compared to SAR 2,026 million reported for the same period last year. The net profit for the third quarter of 2020 was SAR 629 million compared to SAR 572 million for the previous quarter this year.
Despite the 7% increase in the net income from the core business of Financing & Investments, the nine months net income declined to SAR 1,572 million mainly due to the higher provision for credit losses, the revaluation losses on investments and the higher operating expenses compared to the corresponding period of 2019.
Speaking about the financial results for the period, Mr. Abdulmohsen Al-Fares, CEO of Alinma Bank, briefed that all major banking activities reflected good growth over the prior periods. He went on to detail the bank’s performance as follows:
- Total Assets rose to SAR 147,850 million compared to SAR 128,010 million last year, an increase of 16%.
- The financing portfolio increased by 16% to SAR 105,325 million as of September 30th, 2020, compared to SAR 90,785 million last year. As a result and despite the effect of profit rates cut of 125 bps in March 2020, the Net income from financing and investment increased by 7% to SAR 3,411 million, compared to SAR 3,181 million for the same period last year. Also, Bank has been consistently strengthening the provisions for the credit portfolio.
- Customer deposits amounted to SAR 111,318 million, compared to SAR 99,837 million last year, an increase of 12%.
With regard to operational aspects, Alinma Bank has added many differentiating banking products and services and invested in enhancing the caliber of its employees as well as providing them appropriate remotely training during the pandemic period. In addition to enhancing its digital services and products, currently the Alinma is serving with great efficiency all segments, whether individual, SME or the Corporate, which has contributed to the continuous growth in the partner base as well as the growth in Financing, Investments, deposits and bank assets.
It is worth mentioning that currently Alinma has a wide network of branches spread across the kingdom, and provides modern and multiple electronic services that allow partners to access their accounts and carry out banking operations round the clock through self-banking services via Internet www.alinma.com, Alinma Phone baking 8001208000, and a large network of modern ATMs (1,529) spread across the Kingdom.