Alinma Bank registered Net Profit of SAR 2,090 million for nine months of 2021, an increase of 33%

Alinma Bank announced that it has achieved a net profit of SAR 2,090.3 million after Zakat for its nine months of the year 2021 ending on September 30, 2021, compared to a net profit of SAR 1,572 million during the corresponding period of the previous year, an increase of 33%.

Speaking about the financial results for the Nine months of 2021, Alinma Bank CEO, Mr. Abdullah bin Ali Al-Khalifa, affirmed that the performance was in line with the strong operating foundations of the bank, which continued to take advantage of growth opportunities, especially those related to positive transformations in the kingdom in line with its Vision 2030 initiative. Al-Khalifa pointed out that the positive results were a direct result of the 22.4% increase in total operating income during the nine months of 2021, which was mainly due to increases in net financing and investment income, income from the fair value of investments through income statement, fee income, and other operating income.

 Regarding the details of the financial results, Al-Khalifa affirmed that all main banking activities showed positive growth during the period. Total assets increased to SAR 166,808.3 million, compared to SAR 147,850 million in the previous year, an increase of 12.8%. The financing portfolio increased by 15.2% to reach SAR 121,317.6 million as on September 30, 2021, compared to SAR 105,325.1 million in the previous year. As a result, and despite the continuing effects of decreasing profit rates during 2020, net income from financing and investment increased by 11.5% to SAR 3,827.7 million, compared to SAR 3,433.6 million for the same period in the previous year. Also the customer deposits increased by 4.8% to SAR 116,651.9 million compared to SAR 111,318 million in the previous year. Similarly, the financial indicators reflected a significant improvement during the period, as the coverage ratio of non-performing loans reached 156.8%, compared to 133.6% for the same period last year.

 Al-Khalifa additionally noted that, with regard to operational progress during 2020 and 2021, Alinma Bank added several new products and services and invested significantly in the training and development of its staff, who made use of both remote learning and working technologies to maintain productivity despite the challenges of the COVID-19 crisis.

Alinma also enhanced its digital products and services to ensure that its partner (customer) experience remained optimally efficient and feature-rich across all segments – retail, corporate, and SME.  This attention to the partner experience contributed to the growth of Alinma’s partner base during 2021, as well as 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 through 182 location, 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, Alinma Phone banking 8001208000, and a large network of modern ATMs (1,581) spread across the Kingdom.