Alinma Bank Achieves 28.5% Growth on SAR 824.7 million Net Income for Three months of 2022

Alinma Bank Achieves 28.5% Growth on SAR 824.7 million Net Income for Three months of 2022

26 Ramadan 1443 H - 05 June 2022 G

Alinma Bank announced that it has achieved a net profit of SAR 824.7 million after Zakat for the three months of the year 2022 ended March 31, 2022, compared to a net profit of SAR 641.8 million during the corresponding period of the previous year, an increase of 28.5%.

 

Speaking about the financial results for the Three months of 2022, Alinma Bank CEO, Mr. Abdullah bin Ali Al-Khalifa, affirmed that the performance was in line with the strong operating foundations of the bank, which continued to take advantage of growth opportunities, especially those related to positive transformations in the kingdom in line with its Vision 2030 initiative. Al-Khalifa pointed out that the positive results were a direct result of the 12.5% increase in total operating income during the Three months of 2022, which was mainly due to increases in net financing and investment income, income from the fair value of investments through income statement, exchange income, and other operating income partly offset by the slight decline in fee income.

 

Regarding the details of the financial results, Al-Khalifa affirmed that all main banking activities showed positive growth during the period. Total assets increased to SAR 179,518.8 million, compared to SAR 159,951 million in the previous year, an increase of 12.2%. The financing portfolio increased by 10.1% to reach SAR 128,965.1 million as of March 31, 2022, compared to SAR 117,148.9 million in the previous year. As a result, net income from financing and investment increased by 8.7% to SAR 1,309.5 million, compared to SAR 1,204.8 million for the same period in the previous year. Also the customer deposits increased by 6.1% to SAR 128,035.2 million compared to SAR 120,707 million in the previous year. Similarly, the financial indicators reflected a significant improvement during the period, as the coverage ratio of non-performing loans reached 150%, compared to 132.7% for the same period last year.

 

 Al-Khalifa additionally noted that, with regard to operational progress during 2021 and 2022, Alinma Bank added several new products and services and invested significantly in the training and development of its staff, who made use of both remote learning and working technologies to maintain productivity despite the continuing effects of the COVID-19 crisis.

 

Alinma also enhanced its digital products and services to ensure that its partner (customer) experience remained optimally efficient and feature-rich across all segments – retail, corporate, and SME.  This attention to the partner experience contributed to the growth of Alinma’s partner base during 2022, as well as growth in financing, investments, deposits, and bank assets.

 

It is worth mentioning that currently Alinma has a wide network of branches spread across the kingdom through 182 location, and provides modern and multiple electronic services that allow partners to access their accounts and carry out banking operations round the clock through self-banking services via Internet www.alinma.com, Alinma Phone banking 8001208000, and a large network of modern ATMs (1,572) spread across the Kingdom.

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