Alinma Bank announced that it has achieved a net profit of SAR 970 million after Zakat for the three months period ended March 31, 2023, compared to a net profit of SAR 825 million during the corresponding period of the previous year, an increase of 18%.
Speaking about the financial results for the three months of 2023, 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 21% increase in total operating income during the three months of 2023, which was mainly due to increases in net financing and investment income, exchange income and net fee 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 213,749 million, compared to SAR 179,519 million in the previous year, an increase of 19%. The financing portfolio increased by 19% to reach SAR 153,153 million as of March 31, 2023, compared to SAR 128,965 million in the previous year. As a result, net income from financing and investment increased by 32% to SAR 1,735 million, compared to SAR 1,312 million for the same period in the previous year. Also the customer deposits increased by 25% to SAR 159,949 million compared to SAR 128,035 million in the previous year.
Mr. Al-Khalifa further added that the Non-performing loans coverage ratio for the period ended March 31st 2023 is 122%.
Al-Khalifa additionally noted that, with regard to operational progress during 2023, 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 2023, 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 177 location, and provides modern and multiple electronic services that allow customers 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 1,535 spread across the Kingdom.