Alinma Bank announced that it has achieved a net profit of SAR 3,599.1 million after Zakat for the year ended December 31, 2022, compared to a net profit of SAR 2,709.4 million during the previous year, an increase of 33%. On quarterly basis, net profit before impairment charges and Zakat for the fourth quarter of 2022 reached SAR 1,398 million, an increase of 2.3% from previous quarter and an increase of 40% from same quarter last year, however the net profit for the fourth quarter of 2022 after impairment charges and Zakat decreased by 13% compared to the previous quarter due to the higher impairment charge for expected credit losses which increased by SAR 177 million compared to the previous quarter.
Speaking about the financial results for the year 2022, 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 19.6% increase in total operating income during the year 2022, which was mainly due to increases in net income from financing and investment, fee income, FVSI investment income and exchange income.
Regarding the details of the financial results, Al-Khalifa affirmed that all main banking activities showed positive growth during the year. Total assets increased to SAR 200,436.2 million, compared to SAR 173,476.1 million in the previous year, an increase of 16%. The financing portfolio increased by 16% to reach SAR 146,492 million as of December 31, 2022, compared to SAR 126,271.5 million in previous year. In addition, customers’ deposits increased by 20% to SAR 145,168.5 million compared to SAR 121,060.6 million in the previous year. As a result, net income from financing and investment increased by 18% to SAR 6,066.5 million, compared to SAR 5,140.4 million for the previous year.
Al-Khalifa additionally noted that, with regard to operational progress during 2022, Alinma Bank added several new products and services and invested significantly in the training and development of its staff and working technologies together with enhancing its digital products and services to ensure that its customer experience remained optimally efficient and feature-rich across all segments – retail, corporate, and SME. This attention to the customer experience contributed to the growth of Alinma’s customer base during 2022, 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 186 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 www.alinma.com, Alinma Phone banking 8001208000, and a large network of modern ATMs 1,564 spread across the Kingdom.