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Alinma Bank Achieves 29% Rise in Net Profit during nine months of 2014

Alinma Bank Achieves 29% Rise in Net Profit during nine months of 2014

27 Dhul-Hijjah 1435 H - 21 October 2014 G

Alinma Bank announced a net profit of SAR 932 million for the  nine months ended September 30, 2014. This shows  29%  increase over the SAR 725 million net profit earned in the corresponding period of 2013. The net profit for the third quarter of 2014 was SAR 331 million compared to SAR 262 million for the corresponding quarter of 2013, an increase by 26%, while compared to the Net Profit of SAR 308 million for the second quarter of 2014,  it reflected a growth of 7.5%.
Speaking about the financial results for the period that ended on September 30, 2014, Mr. Abdulmohsen Al-Fares, CEO of Alinma Bank, said that the Q3 results represented considerable growth in all major banking activities. He gave the details of the bank’s performance as follows:
 Total operating income during the third quarter of 2014 stood at SAR 687million, compared to SAR 542million for the same period of the previous year, an increase of 27%.
 Net income from financing and investment activities amounted to SAR 529 million, compared to SAR 460million from the same quarter of the previous year, an increase of 15%.
 Total Assets rose to SAR 75.5 billion compared to SAR 59.1billion at September 30, 2013 last year, an increase of 28%. It also reflected a growth of 7% over Q2, 2014.
 The financing portfolio amounted to SAR 50.2 billion as of September 30, 2014, compared to SAR 41.9 billion as at the same point of time previous year, an increase of 20%.
 Customer deposits amounted to SAR 53.4 billion, compared to SAR 37.6 billion as at the same point of time previous year, an increase of 42%.
 Earnings per share for the first nine month period of 2014 rose to 63 halalas, compared to 49 halalas per share earned during the same period of the previous year, an increase of 29%. 
Mr. Al-Fares concluded that Alinma Bank has witnessed steady growth in all spheres of banking activities and offers a comprehensive range of banking products and services to both its retail and corporate partners (customers).Also Mr. AlFares indicated that many of products and services of alinma are currently available 24/7 in all remote channels.

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