Alinma Bank Achieves 38% Growth on SAR 2,709 million Net Income for 2021

Alinma Bank announced that it has achieved a net income of SAR 2,709.4 million after Zakat for the year ended December 31, 2021, compared to a net income of SAR 1,966 million during the previous year, an increase of 38%.

Speaking about the financial results for the year 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 17.3% increase in total operating income during the year 2021, which was mainly due to increases in net financing and investment income, income from the fair value of investments through 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 year. Total assets increased to SAR 173,476.1 million, compared to SAR 156,876.8 million in the previous year, an increase of 10.6%. The financing portfolio increased by 13.6% to reach SAR 126,271.5 million as of December 31, 2021, compared to SAR 111,195.6 million in the previous year. As a result, and despite the continuing effects of decreasing profit rates since 2020, net income from financing and investment increased by 10.5% to SAR 5,137 million, compared to SAR 4,647.8 million for the previous year. Also the customer deposits increased by 1.3% to SAR 121,060.6 million compared to SAR 119,454.3 million in the previous year. Similarly, the financial indicators reflected a significant improvement during the year, as the coverage ratio of non-performing loans reached 177.1%, compared to 114.5% for the last year.

 Al-Khalifa additionally noted that, with regard to operational progress during 2021, 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 2021, as well as 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 through 182 location, 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, Alinma Phone banking 8001208000, and a large network of modern ATMs (1,584) spread across the Kingdom.