Alinma Bank achieves SAR 2,195 million net Income for the first half of 2023 with 25% growth


Alinma Bank announced that it has achieved a net profit of SAR 2,195 million after Zakat for the six months period ended June 30, 2023, compared to a net profit of SAR 1,750 million during the corresponding period of the previous year, an increase of 25%.


Speaking about the financial results for the six months of 2023, Alinma Bank Chairman of the Board, Dr. Abdulmalik Abdullah Al-Hogail, 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-Hogail pointed out that the positive results were a direct result of the 23% increase in total operating income during the six 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-Hogail affirmed that all main banking activities showed positive growth during the period. Total assets increased to SAR 226,900 million, compared to SAR 184,622 million in the previous year, an increase of 23%. The financing portfolio increased by 23% to reach SAR 161,773 million as of June 30, 2023, compared to SAR 131,193 million in the previous year. As a result, net income from financing and investment increased by 32% to SAR 3,594 million, compared to SAR 2,725 million for the same period in the previous year. Also, the customer deposits increased by 36% to SAR 177,874 million compared to SAR 130,376 million in the previous year.

Al-Hogail further added that the Non-performing loans coverage ratio for the period ended June 30th 2023 is 130%.


 Al-Hogail 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 171 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 1,515 spread across the Kingdom.