Alinma Bank has announced its consolidated financial results for the period ended June 30, 2011, during which the bank achieved a net income of SAR 102 million. This compares to a net profit of SAR 3 million for the same period of the previous year.
Mr. Abdulmohsen Al-Fares, the CEO of the bank, said that the results showed solid growth in the major activities of the bank, including its expansion of product and service offerings to both retail and corporate partners (clients). He also noted that the bank’s branch network had grown to 54 locations throughout the Kingdom, which enables Alinma to operate in close proximity to its partners. Additionally, the bank offers a broad array of online services that allows partners to carry out banking transactions around-the-clock. These services include Alinma Internet (www.alinma.com), Alinma Phone (8001208000), Alinma Mobile and a kingdom-wide network of 310 ATMs.
Alinma’s Q2 2011 results can be comparatively summarized (year-over-year) as follows:
1. Total assets grew from SAR 24,948 million to SAR 32,497 million, an increase of 30%.
2. Total operating income increased from SAR 174 million to SAR 307 million, an increase of 76%.
3. Net income from investments and financing activities grew from SAR 162 million to SAR 283 million, an increase of 75%.
4. The financing portfolio increased from SAR 8,426 million to SAR 22,503 million, an increase of 167%.
5. Client deposits rose from SAR 6,409 million to SAR 13,232 million, an increase of 106%.
It is worth mentioning that Alinma celebrated a number of important achievements during the second quarter of 2011, including the official launch of bank operations in both the eastern and western regions of the kingdom. HRH Prince Khalid Al-Faisal Ibn Abdulaziz, the governor of the Makkah region, sponsored the western regional launch ceremony, while HRH Prince Mohammed Ibn Fahad Ibn Abdulaziz, the governor of the Eastern region, sponsored the eastern regional launch ceremony. Additionally, Alinma was recognized as the best Islamic financial institution in the Kingdom by the Islamic Conferences Group at its 2011 Sukuk Summit event in London.