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Alinma Bank Announces Net Profit of SAR 800 Million for First Half of 2016

Alinma Bank Announces Net Profit of SAR 800 Million for First Half of 2016

- 24 July 2016 G

Alinma Bank has announced the achievement of a net profit of SAR 409 million during the second quarter of 2016. This represents an improvement over the SAR 365 million net profit earned for the same period of the previous year, an increase of 12%. It also showed an increase of 5% over the SAR 391 million earned during the first quarter of 2016.

 

Speaking about the financial results, Mr. Abdulmohsen Al-Fares, CEO of Alinma Bank, said that the  results represented considerable growth in all major banking activities. He went on to detail the bank’s performance as follows:

  • Assets rose to SAR 98,186 million as of June 30, 2016 compared to SAR 81,839 million as of same period of the previous year, an increase of 20%.
  • Net Income for the half-year stood at SAR 800 million, compared to SAR 709 million for the same period of the previous year, an increase of 13%.
  • The financing portfolio amounted to SAR 66,488 million as of June 30, 2016, compared to SAR 53,386 million for the same period of the previous year, an increase of 25%.
  • Customer deposits amounted to SAR 74,166 million as of June 30, 2016, compared to SAR 60,589 million for the same period of the previous year, an increase of 22%.
  • Earnings per share during the six month period of 2016 rose to 0.54 halalas, compared to 0.48 halalas for the same period of the previous year.

 

Mr. Al-Fares concluded that Alinma Bank maintained its growth pace and continues to offer a comprehensive array of products and services to both its retail and corporate partners.

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