RIYADH, January 18, 2015 – Alinma Bank has announced that it achieved a net profit of SAR 1,470 million for the fiscal year that ended on December 31, 2015, a 16% increase over the SAR 1,264 million net profit it earned in 2014. For the bank’s fourth fiscal quarter, it achieved a net profit of SAR 386 million compared to the SAR 332 million earned during the corresponding quarter of 2014 and compared to the SAR 375 million earned during the third quarter of 2015.
Speaking about the results for the 2015 fiscal year, Mr. Abdulmohsen Al-Fares, CEO and Managing Director of Alinma Bank, said that the bank’s performance could be attributed to the considerable growth it achieved in all major banking activities. He went on to summarize the results as follows.
• During 2015, the bank's assets rose to SAR 88,725 million from SAR 80,862 million in 2014, an increase of 10%. It also recorded an increase of 8% over the SAR 82,389 million in assets it posted at the end of third quarter of 2015.
• Total operating income in 2015 stood at SAR 3,063 million, compared to SAR 2,620 million in 2014, an increase of 17%. During the fourth quarter of 2015, total operating income reached SAR 780 million compared to the SAR 721 million posted during corresponding quarter of the previous year, an increase of 8%. There was also an increase of 10% over the SAR 708 million total operating income recorded for the third quarter of 2015.
• Net income from financing and investment activities in 2015 amounted to SAR 2,279 million, compared to the SAR 2,075 million recorded during 2014, an increase of 10%. For the fourth quarter of 2015, net income from financing and investment activities reached SAR 571 million, an 8% increase over the SAR 531 million during the same quarter of the previous year. There was also an increase of 7% over the SAR 548 million recorded for the third quarter of 2015.
• The financing portfolio amounted to SAR 56,570 million as of December 31, 2015 compared to SAR 53,637 million as of December 31, 2014, an increase of 5%. That was also an increase over the SAR 52,970 recorded during the third quarter of 2015.
• At the end of 2015, customer deposits amounted to SAR 65,542 million compared to SAR 59,428 million in the previous year, an increase of 10%.
Mr. Al-Fares went on to say that the bank had shown steady growth over the past five years with the launch of numerous new products for its retail and corporate partners (customers) and with the expansion of its branch network, which now includes more than 119 branches across Saudi Arabia.
Alinma also provides its services through a comprehensive array of 24/7 electronic channels, including Alinma Internet (www.alinma.com), Alinma Mobile, Alinma Phone (8001208000), Alinma smartphone applications and its network of more than 1,166 ATMs.