Alinma Bank Achieves 73% Growth in First Quarter Profits with Net Income of SAR 642 Million after Zakat

Alinma Bank announced that it has achieved a net profit of SAR 642 million after Zakat for its first fiscal quarter ending on March 31, 2021, compared to a net profit of SAR 370 million during the corresponding quarter of the previous year, an increase of 73%.

 

Speaking about the financial results for the first quarter of 2021, Alinma Bank CEO, Mr. Abdullah bin Ali Al-Khalifa, affirmed that the performance was in line with the strong operating foundations of the bank, which continued to take advantage of growth opportunities, especially those related to positive transformations in the kingdom in line with its Vision 2030 initiative. Al-Khalifa pointed out that the positive results were a direct result of the 27.7% increase in total operating income during the first quarter of 2021, which was mainly due to increases in net financing and investment income, investment income listed at fair value in the income statement, fee income, and other operating income.

 

Regarding the details of the financial results, Al-Khalifa affirmed that all main banking activities showed positive growth during the quarter. Total assets increased to SAR 159,951 million, compared to SAR 138,021 million in the previous year, an increase of 16%. The financing portfolio increased by 20% to reach SAR 117,149 million as on March 31, 2021, compared to SAR 97,784 million in the previous year. As a result, and despite the continuing effects of lowering interest rates during 2020, net income from financing and investment increased by 7% to SAR 1,204 million, compared to SAR 1,121 million for the same period in the previous year. And customer deposits amounted to SAR 120,707 million compared to SAR 103,874 million in the previous year, an increase of 16%.

 

Al-Khalifa additionally noted that, with regard to operational progress during 2020, Alinma Bank added several new products and services and invested significantly in the training and development of its staff, who made use of both remote learning and working technologies to maintain productivity despite the challenges of the COVID-19 crisis.

 

Alinma also enhanced its digital products and services to ensure that its partner (customer) experience remained optimally efficient and feature-rich across all segments – retail, corporate, and SME.  This attention to the partner experience contributed to the growth of Alinma’s partner base during 2020, as well as growth in financing, investments, deposits, and bank assets.

 

Alinma Bank serves its partners through a network of 180 branches and more than 1500 ATMs across the kingdom.  It also provides around-the-clock, self-service banking through its Alinma Internet (www.alinma.com), Alinma Phone (8001208000), and Alinma Mobile (mobile web browser access) services, as well as through the Alinma application for smart devices, which provides comprehensive banking services anytime, anywhere.