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Alinma Bank Announces Net Profit of SAR 391 Million for First Quarter of 2016

Alinma Bank Announces Net Profit of SAR 391 Million for First Quarter of 2016

4 Rajab 1437 - 11 April 2016 G

RIYADH, April 11, 2016 – Alinma Bank has announced that it achieved a net profit of SAR 391 million during the first quarter of 2016. This represents a 14% improvement over the SAR 344 million net profit earned in the corresponding quarter of 2015. This was also an increase over the SAR 386 million earned during the fourth quarter of 2015.
Speaking about the financial results for the period that ended on March 31, 2016, Mr. Abdulmohsen Al-Fares, CEO of Alinma Bank, said that the Q1 results represented growth in all major banking activities. He went on to detail the bank’s performance as follows:


•    Assets rose to SAR 91,611 million compared to SAR 83,685 million for the same period of the previous year, an increase of 9.5%. The result was also an improvement over the SAR 88,725 million recorded during the fourth quarter of 2015.
•    Total operating income during the first quarter of 2016 stood at SAR 734 million, compared to SAR 730 million for the same quarter of the previous year, an increase of 1%.
•    Net income from financing and investment activities amounted to SAR 589 million, compared to SAR 550 million from the same quarter of the previous year, an increase of 7.1%.
•    The financing portfolio amounted to SAR 60,250 million as of March 31, 2016, compared to SAR 55,523 million for the same period of the previous year, an increase of 8.5%.
•    Customer deposits amounted to SAR 68,785 million, compared to SAR 61,689 million for the same period of the previous year, an increase of 11.5%.
•    Earnings per share during the first quarter of 2016 rose to 26 halalas, compared to 23 halalas per share during the same quarter of the previous year. 
Mr. Al-Fares concluded by saying that Alinma Bank had witnessed steady growth in all activities. He further noted that the bank offers a comprehensive array of outstanding products and services to both its retail and corporate partners (customers). The bank serves its partners through a kingdom-wide network of 123 branches and 1,209 ATMs.

 

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