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Alinma Bank Income Exceeds 26% to SAR 1,264 million in 2014

Alinma Bank Income Exceeds 26% to SAR 1,264 million in 2014

27 Rabia I 1436 H - 18 January 2015 G

Alinma Bank announced net income of SAR 1,264 million for 2014 compared to the SAR 1,005 million it earned in 2013, an increase of 26%. For the bank’s fourth fiscal quarter it achieved net income of SAR 332 million compared to the SAR 280 million earned during the corresponding quarter of 2013.

Speaking about the financial results for the year ended December 31, 2014, Mr. Abdulmohsen Al-Fares, CEO and Managing Director,  informed that the bank’s performance is attributable to the considerable growth it experienced in all major banking activities.  He went on to summarize the results as follows.

• During 2014, the bank's assets rose to SAR 80,862 million from SAR 63,001 million in 2013, an increase of 28%. That was also reflected an increase of 7% over the SAR 75,458 million in assets it attained by the end of the third quarter of 2014.
• Total operating income for the year 2014 stood at SAR 2,620 million compared to SAR 2,279 million in 2013, an increase of 15%. During the fourth quarter of 2014, total operating income reached SAR 721 million compared to the SAR 656 million posted during same quarter of the previous year, an increase of 10%. It also registered an increase of 5% over the SAR 687 million for the third quarter of 2014.
• Net income from financing and investment activities for the year 2014 amounted to SAR 2,075 million compared to the SAR 1,835 million recorded during 2013, an increase of 13%. For the fourth quarter of 2014, net income from financing and investment activities reached SAR 531 million, a 12% increase over the SAR 474 million earned during the same quarter of the previous year. The fourth quarter income on this count was also comparable with the third quarter of 2014 income of SAR 529 million.
• The financing portfolio amounted to SAR 53,637 million as at December 31, 2014 compared to SAR 44,924 million as at December 31, 2013, an increase of 19%.  Similalry, the customer deposits increased by over SAR 16 billion to SAR 59,428 million compared to SAR 42,763 million in the previous year, an increase of 39%.  Compared to the third quarter deposits at SAR 53,388 million, it registered a growth of 11%.


Mr. Al-Fares went on to say that the bank had shown steady growth over the past five years with the launch of numerous new products for its retail and corporate partners (customers) and with the expansion of its branch network, which now includes more than 100 locations across Saudi Arabia.

Alinma also provides its services through an array of 24/7 electronic channels, including Alinma Internet (www.alinma.com), Alinma Mobile, Alinma Phone (8001208000), Alinma smartphone applications and its network of more than 1020 ATMs.

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