14 Dul-Qa'da 1432 H - 12 October 2011 G
Alinma Bank has announced its consolidated financial results for the period ended September 30, 2011, during which the bank achieved a net income of SAR 122 million. This compares to a net income of SAR 20 million for the same period of the previous year and represents a 510% increase. The third quarter results are also 20% better than the bank’s performance in the previous quarter in which it achieved a net income of SAR 102 million.
Mr. Abdulmohsen Al-Fares, the CEO of the bank, said that the results showed solid growth in the major activities of the bank and noted that Alinma was growing rapidly in accordance with an ambitious strategic plan that emphasizes the provision of a vast array of both retail and corporate products and services to bank partners (clients).
He also noted that the bank’s branch network had grown to 61 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 360 ATMs.
Alinma’s Q3 2011 results can be comparatively summarized (year-over-year) as follows:
1. Total assets grew from SAR 23,774 million to SAR 33,999 million, an increase of 43%.
2. Total operating income increased from SAR 194 million to SAR 332 million, an increase of 71%.
3. Net income from investments and financing activities grew from SAR 188 million to SAR 308 million, an increase of 64%.
4. The financing portfolio increased from SAR 13,755 million to SAR 24,064 million, an increase of 75%.
5. Client deposits rose from SAR 6,787 million to SAR 15,851 million, an increase of 134%.