Alinma Bank has announced the net profit before Zakat of SAR 1,048 million for the first half of 2020, while the net profit after Zakat amounted to SAR 943 million. The net profit for the second quarter of 2020 was SAR 572 million compared to SAR 370 million for the previous quarter this year. Despite the 10% increase in the net income from the core business of Financing & Investments, the six months net income declined to SAR 943 million due to the higher provision for credit losses and the downward revaluation of investments compared to the corresponding period of 2019.
Speaking about the financial results for the period, Mr. Abdulmohsen Al-Fares, CEO of Alinma Bank, briefed that all major banking activities reflected significant growth over the prior periods. He went on to detail the bank’s performance as follows:
- Assets rose to SAR 142,196 million compared to SAR 123,479 million last year, an increase of 15%.
- Net income for the half year from financing and investment activities amounted to SAR 2,243 million, compared to SAR 2,042 million for the same period last year, an increase of 10%.
- The financing portfolio amounted to SAR 103,178 million as of June 30th, 2020, compared to SAR 87,667 million last year, an increase of 18%.
- Customer deposits amounted to SAR 107,417 million, compared to SAR 92,816 million last year, an increase of 16%.
Mr. Al-Faris also pointed that the Bank has increased its provisions for the credit portfolio during the first half of this year. With regard to operational aspects, Alinma Bank has added many differentiating banking products and services and invested in the training and enhancing the caliber of its employees. In addition to enhancing its digital services and products, currently the Alinma is serving with great efficiency all segments, whether individual, SME or the Corporate, which has contributed to the continuous growth in the partner base as well as the growth in Financing, Investments, deposits and bank assets.
It is worth mentioning that currently Alinma has a wide network of branches spread across the kingdom, and provides modern and multiple electronic services that allow partners to access their accounts and carry out banking operations round the clock through self-banking services via Internet www.alinma.com, Alinma Phone baking 8001208000, and a large network of modern ATMs of 1,520 spread across the Kingdom.