Alinma Bank has announced that it achieved an SAR 463 million net profit during the first half of 2013, a 40% increase over the SAR 330 million earned in the same period of 2012. For its recently ended second fiscal quarter (Q2), Alinma Bank achieved a net profit of SAR 241 million, a 35% improvement over the SAR 179 million it earned in the corresponding quarter of 2012. In terms of consecutive quarter performance, the bank’s Q2 results improved by 9% over the SAR 221 million net profit earned in Q1 of this year.
Speaking about the financial results for the period ended June 30, 2013, Mr. Abdulmohsen Al-Fares, the CEO of Alinma Bank, said that the results of the second quarter of this year showed good growth in the main activities of the bank.
The bank’s Q2 results can be summarized as follows:
- Total assets rose from SAR 44,192 million as of June 30, 2012 to SAR 57,942 million as of June 30, 2013, an increase of 31%.
- Total quarterly operating income increased to SAR 559 million, compared to SAR 484 million in the corresponding quarter of last year, an increase of 15%.
- Quarterly net income from financing and investment activities grew to SAR 457 million compared to SAR 346 millionin the corresponding quarter of last year, an increase of 32%.
- The financing portfolio increased 38% from SAR 30,036 million as of June 30, 2012 to SAR 41,569 million as of June 30, 2013.
- Customer deposits rose from SAR 25,964 millionas of June 30, 2012 to SAR 36,466 million as of June 30, 2013, an increase of 40%.
- Investments also increased 139% from SAR 2,424 million on June 30, 2012 to SAR 5,797 million on June 30, 2013.
Alinma’s half-year highlights included the following:
- Total operating income increased from SAR 877 million to SAR 1,081 million, an increase of 23%.
- Net income from financing and investment activities grew from SAR 677 million to SAR 900 million, an increase of 33%.
Mr. Al-Fares explained that the increase in Q2 profits could be attributed toa variety of factors including growth in the bank’s operations, an increase in income from operations, rapid expansion ofboth retail and corporate products and services, and expansion of Alinma’s branch network.
Currently, the bank provides its services through more than 91 branches across the Kingdom. The bank also offers a comprehensive array of 24/7 electronic channels includingAlinma Internet (www.alinma.com), Alinma Phone (8001208000), Alinma Mobile and a kingdom-wide network of more than 732 ATMs.