Alinma Bank proudly announced a net profit of 4,303 million Saudi Riyals after Zakat for the period ended September 30, 2024, marking a remarkable growth rate of 22.3% compared to the previous year's same period.
Regarding the financial results, Dr. Abdulmalik bin Abdullah Al-Hogail, Chairman of Alinma Bank, explained that the growth was supported by the increase in the bank’s core banking activities during the third quarter of 2024. He confirmed that total assets rose to 266,983 million Saudi Riyals, marking a growth of 14.8% compared to 232,585 million Riyals for the same period last year. The financing portfolio grew by 15.9% to reach 195,895 million Riyals as of September 30, 2024, compared to approximately 169,063 million Riyals for the same period last year. Consequently, net income from financing and investment increased by 14% to 6,383 million Riyals, compared to 5,600 million Riyals for the same period last year. Customer deposits also saw significant growth, reaching 209,140 million Riyals, a 16% increase compared to 180,233 million Riyals for the same period last year. The return on assets was 2.28%, and the return on equity was 18.58%. The coverage ratio for non-performing loans was 245.23% for the period ending September 30, 2024. Collectively, these figures reflect Alinma Bank’s strong performance and strategy in the third quarter of 2024.
Dr. Al-Hogail added: “Our robust performance in the first three quarters of 2024 reflects Alinma Bank’s unwavering commitment to sustainable growth and delivering value to our stakeholders. The significant increase in our core banking activities has driven record profits and asset growth, while our focus on enhancing our financing and investment portfolio has yielded strong returns. As we continue to build on this momentum, we remain confident in our ability to navigate the evolving market landscape and further strengthen our position as a leading financial institution in the region. Furthermore, the notable improvement in our ESG score—from 28 to 68—and our rise in ranking from 855th to 179th out of 1130 banks globally reflect our deepening commitment to integrating sustainability into our core strategy, placing Alinma Bank among the top 25% of banks worldwide in ESG performance”.