Alinma Bank proudly announced a net profit of 2,731 million Saudi riyals after Zakat for the first half of 2024, marking a growth rate of 24.4% 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 second quarter of 2024. He confirmed that total assets rose to 260,138 million Saudi Riyals, marking a growth of 14.6% compared to 226,900 million Riyals for the same period last year. The financing portfolio grew by 17.4% to reach 189,912 million Riyals as of June 30, 2024, compared to approximately 161,773 million Riyals for the same period last year. Consequently, net income from financing and investment increased by 15.8% to 4,163 million Riyals, compared to 3,594 million Riyals for the same period last year. Customer deposits also saw significant growth, reaching 205,357 million Riyals, a 15.5% increase compared to 177,873 million Riyals for the same period last year. The return on assets was 2.20%, and the return on equity was 18.02%. The coverage ratio for non-performing loans was 240.13% for the period ending June 30, 2024. Collectively, these figures reflect Alinma Bank’s strong performance and strategy in the second quarter of 2024.
Dr. Al-Hogail added: "These achievements underscore Alinma Bank’s unwavering commitment to innovation and customer focus by continuously introducing innovative banking products and services designed to meet customer needs, and investing in the development of our staff. We recognize the critical role of qualified human capital in delivering high-quality services within an evolving digital banking environment. In the second quarter, we reached a significant milestone with the launch of the (iz) app, which offers a new digital banking experience specifically designed for the youth. This represents our steadfast commitment to providing exceptional services that meet the evolving needs of our young customers. (iz) provides a unique, easy, and innovative banking experience, enabling youth to manage their finances flexibly and effectively. It reflects our dedication to offering advanced banking solutions that align with the fast-paced lifestyles of today’s youth and stands as a testament to our innovative approach and leadership in the banking industry in the Kingdom."