Alinma Bank has announced that it achieved an SAR 725million net profit forthe first nine monthsof 2013,a 38% increase over the SAR 526million earned in the same period of2012. For its recently ended thirdfiscal quarter (Q3), Alinma Bank achieved a net profit of SAR 262million,a 34% improvement over the SAR 196 millionit earned in the corresponding quarter of 2012.In terms of consecutive quarter performance, the bank’s Q3 results improved by 9% over the SAR 241 million net profit earned in Q2 of this year.
Speaking about the financial results for the period ended September30, 2013, Mr. Abdulmohsen Al-Fares, the CEO of Alinma Bank, said that the results forthe third quarter of this year showedgood growth in the main activities of the bank.
The bank’s Q3 results can be summarized as follows:
- Total assets rose from SAR 49,853million as of September 30, 2012 to SAR 59,145million as of September 30, 2013, an increase of 19%.
- Total quarterly operating income increased to SAR 542 million, compared to SAR 459 million in the corresponding quarter of last year, an increase of 18%.
- Quarterly net income from financing and investment activities grew to SAR 460 million compared to SAR 407 millionin the corresponding quarter of last year, an increase of 13%.
- The financing portfolio increased 20% from SAR 35,000 million as of September 30, 2012 to SAR 41,915million as of September30, 2013.
- Customer deposits rose from SAR 28,569 millionas of September 30, 2012 to SAR 37,623 million as of September 30, 2013, an increase of 32%.
- Investments alsoincreased 135% from SAR 2,545 million on September 30, 2012 to SAR 5,990 million on September 30, 2013.
Alinma’s nine-month highlights included the following:
- Total operating income increased from SAR 1,336million to SAR 1,623 million, an increase of 21%.
- Net income from financing and investment activities grew from SAR 1,084 million to SAR 1,361 million, an increase of 26%.
Mr. Al-Fares explained that the increase in Sep 30, 2013 profits could be attributed toa variety of factors including growth in the bank’s operations, expansion ofboth retail and corporate products and services, and expansion of Alinma’s branch network.
Currently, the bank provides its services through 95 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 than780 ATMs.