Alinma Bank announced 29% growth in net income after Zakat of SAR 3,519 million for nine months period ended September 30, 2023
Alinma Bank announced that it has achieved a net profit of SAR 3,518.9 million after Zakat for the nine months period ended September 30, 2023, compared to a net profit of SAR 2,738.9 million during the corresponding period of the previous year, an increase of 28.5%.
Speaking about the financial results for the nine months of 2023, Alinma Bank CEO, Mr. Abdullah Ali AlKhalifa, 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. AlKhalifa pointed out that the positive results were a direct result of the 23.1% increase in total operating income during the nine 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, AlKhalifa affirmed that all main banking activities showed positive growth during the period. Total assets increased to SAR 232,585.3 million, compared to SAR 193,229.3 million in the previous year, an increase of 20.4%. The financing portfolio increased by 20.8% to reach SAR 169,063.3 million as of September 30, 2023, compared to SAR 139,987.4 million in the previous year. As a result, net income from financing and investment increased by 27.3% to SAR 5,600.3 million, compared to SAR 4,398.7 million for the same period in the previous year. Also, the customer deposits increased by 36.5% to SAR 180,233.2 million compared to SAR 132,048.3 million in the previous year.
Mr. AlKhalifa further added that the Non-performing loans coverage ratio for the period ended September 30th 2023 is 151%.
AlKhalifa 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 172 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 1,509 spread across the Kingdom.