Alinma Bank, in response to the growth of the national economy, proudly announces a net profit of 4,839 million Saudi riyals after zakat for the fiscal year 2023, reflecting a substantial increase of 34.5% compared to the previous year's net profit of 3,599 million Saudi riyals.
Dr. Abdul Malik bin Abdullah Alhogail, the Chairman of the Board of Directors of Alinma Bank, emphasized the bank's commitment to its robust operational foundations. This strategic approach has enabled Alinma Bank to capitalize on growing opportunities, particularly those aligned with the positive transformations outlined in the Kingdom's Vision 2030. Alhogail attributed the positive financial results to a 22.1% increase in total operating income during 2023.
Alhogail detailed the financial results, highlighting strong positive growth in banking activities during previous periods. Total assets rose to 236,715 million Saudi riyals from 200,436 million Saudi riyals the previous year, marking an 18.1% increase. The financing portfolio also experienced an 18.5% growth, reaching 173,624 million Saudi riyals as of December 31, 2023, compared to approximately 146,492 million Saudi riyals in the previous year. Customer deposits increased by 29.4%, totaling 187,901 million riyals, compared to 145,169 million riyals in the previous year. Consequently, net income from financing and investments saw a 26.2% increase, reaching 7,655 million riyals, compared to about 6,066 million riyals in the previous year. Alhogail also emphasized that these positive results are the outcome of the bank’s strategic endeavors and plans, leading to a distinguished growth in net profit exceeding 30% for each of the previous three years. Additionally, these efforts contributed to elevating the return on equity ratio (ROE) from 13.7% in the year 2022 to 17.2% by the end of the year 2023.
Alhogail emphasized the bank's operational achievements in 2023, citing the introduction of distinctive banking products, significant investments in employee development, and advancements in digital services. These initiatives contributed to continued growth across all sectors, including individual, small and medium-sized businesses, and the public sector.