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Alinma Bank recorded SAR 1,502 million net profit for 2016

Alinma Bank recorded SAR 1,502 million net profit for 2016

- 18 January 2017 G

Alinma Bank has registered that it achieved net income of SAR 1,502 million for the year ended 2016 compared to the SAR 1,470 million it earned in 2015, an increase of 2%. For the bank’s fourth fiscal quarter it achieved net income of SAR 390 million compared to the SAR 386 million earned during the corresponding quarter of 2015 and compared to the SAR 312 million earned during the third quarter of 2016.

Speaking about the financial results for the year 2016, Mr. Abdulmohsen Al-Fares, CEO and Managing Director of Alinma Bank, said that the bank’s performance could be attributed to the considerable growth it acheived in all major banking activities.  He went on to summarize the results as follows.

  • During 2016, the bank's assets rose to SAR 104,725 million from SAR 88,725 million in 2015, an increase of 18%. it also showed an increase over the SAR 102,937 million as at end of third quarter of 2016.
  • Total operating income in 2016 stood at SAR 3,328 million compared to SAR 3,063 million of 2015, an increase of 9%. During the fourth quarter of 2016, total operating income reached SAR 945 million compared to the SAR 780 million posted during corresponding quarter of the previous year, an increase of 21% . There was also an increase of 14% over the SAR 829 million total operating income recorded  for the third quarter of 2016.
  • Net income from financing and investment activities in 2016 amounted to SAR 2,551 million compared to the SAR 2,279 million recorded during 2015, an increase of 12%. For the fourth quarter of 2016, net income from financing and investment activities reached SAR 694 million, a 22% increase over the SAR 571 million during the same quarter of the previous year. There was also an increase of 4% over the SAR 665 million recorded for the third quarter of 2016.
  • The financing portfolio amounted to SAR 70,312 million as at December 31, 2016 compared to SAR 57,006 million as at December 31, 2015, an increase of 23%.  
  • At the end of 2016, Customer deposits amounted to SAR 80,612 million compared to SAR 65,695 million in the previous year, an increase of 23%.

Mr. Al-Fares went on to say that the bank had shown steady growth over the past 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 134 branches 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 1,340 ATMs.

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