Alinma Bank Achieves 31% Growth on SAR 2,739 million Net Income for nine months period ended September 30, 2022

Alinma Bank announced that it has achieved a net profit of SAR 2,738.9 million after Zakat for the nine months period ended September 30, 2022, compared to a net profit of SAR 2,090.3 million during the corresponding period of the previous year, an increase of 31%.


Speaking about the financial results for the nine 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 16.8% increase in total operating income during the nine 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, net 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 193,229.3 million, compared to SAR 166,808.3 million in the previous year, an increase of 15.8%. The financing portfolio increased by 15.4% to reach SAR 139,987.4 million as of September 30, 2022, compared to SAR 121,317.6 million in the previous year. As a result, net income from financing and investment increased by 14.8% to SAR 4,398.7 million, compared to SAR 3,831 million for the same period in the previous year. Also the customer deposits increased by 13.2% to SAR 132,048.3 million compared to SAR 116,651.9 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 155.5%, compared to 146.4% 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, Alinma Phone banking 8001208000, and a large network of modern ATMs 1,557 spread across the Kingdom.