Alinma Bank announced that it has achieved a net profit of SAR 1,749.8 million after Zakat for the six months of the year 2022 ended June 30, 2022, compared to a net profit of SAR 1,352.2 million during the corresponding period of the previous year, an increase of 29.4%.
Speaking about the financial results for the six months of 2022, 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 14.8% increase in total operating income during the six months of 2022, which was mainly due to increases in net financing and investment income, income from the fair value of investments through income statement, exchange income, 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 period. Total assets increased to SAR 184,621.8 million, compared to SAR 164,056.6 million in the previous year, an increase of 12.5%. The financing portfolio increased by 9.7% to reach SAR 131,192.7 million as of June 30, 2022, compared to SAR 119,622.6 million in the previous year. As a result, net income from financing and investment increased by 11.8% to SAR 2,725 million, compared to SAR 2,438.1 million for the same period in the previous year. Also the customer deposits increased by 3.6% to SAR 130,376 million compared to SAR 125,878.1 million in the previous year. Similarly, the financial indicators reflected a significant improvement during the period, as the coverage ratio of non-performing loans reached 150.1%, compared to 139.7% for the same period last year.
Al-Khalifa additionally noted that, with regard to operational progress during 2022, Alinma Bank added several new products and services and invested significantly in the training and development of its staff and working technologies together with enhancing 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 2022, 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 189 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 www.alinma.com, Alinma Phone banking 8001208000, and a large network of modern ATMs 1,584 spread across the Kingdom.