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Alinma Bank Net Profit for the first half of 2019 grows by 21% to reach SAR 1,459 million

Alinma Bank Net Profit for the first half of 2019 grows by 21% to reach SAR 1,459 million

4 Dhuʻl-Hijjah 1440 AH H - 05 August 2019 G

Alinma Bank has announced the achievement of a net profit of SAR 1,459 million before Zakat during the first half of 2019 compared to SAR 1,203 million for the same period of last year reflected a growth of 21%. Net profit for the second quarter of 2019 before Zakat was SAR 751 million. This represents an improvement over the SAR 621 million net profit earned before Zakat for the same quarter of the previous year, an increase of 21%. It also showed an increase of 6% over the SAR 709 million earned during the first quarter of 2019.

However, the net profit after Zakat for the first half of 2019 reached to SAR 1,314 million compared to SAR 1,173 million for the same period of last year reflected a growth of 12%. Net profit after Zakat for the second quarter of 2019 was SAR 676 million. This represents an improvement over the SAR 606 million net profit earned after Zakat for the same quarter of the previous year, an increase of 12%. It also showed an increase of 6% over the SAR 638 million earned during the first quarter of 2019.

 

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 124 billion as on June 30, 2019 compared to SAR 117 billion as of same period of the previous year, an increase of 6%.
  • Total operating income during the first half of 2019 stood at SAR 2,654 million, compared to SAR 2,341 million for the same period of the previous year, an increase of 13%.
  • Net income from financing and investment activities amounted to SAR 2,073 million, compared to SAR 1,839 million for the same period of the previous year, an increase of 13%.
  • The financing portfolio amounted to SAR 87.7 billion as of June 30, 2019, compared to SAR 82 billion as on the same period of the previous year, an increase of 7%.
  • Customer deposits amounted to SAR 92.8 billion as of June 30, 2019, compared to SAR 88.9 billion as on the same period of the previous year, an increase of 4%.
  • Earnings per share during the six-month period of 2019 rose to SAR 0.98 before Zakat and to 0.88 after Zakat, compared to SAR 0.81 before Zakat and SAR 0.79 after Zakat for the same period of the previous year.
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Mr. Al-Fares concluded that Alinma Bank has witnessed steady growth in all activities and offers a comprehensive array of products and services including protection, savings and investment products. In addition, the remittance services through the direct electronic channels and multi-currency card for serving retail, SME and corporate partners (customers). The bank also serves its partners through a kingdom-wide network of 164 branches and sale centers, and more than 1,500 ATMs. In addition, the Bank offers a variety of electronic services that allow customers to accessing their accounts and execute transactions around the clock through the self-internet banking services www.alinma.com, Alinma Phone 8001208000 and Alinma Mobile.

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