Alinma Bank sustains growth in all activities

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Abdulmohsen Al-Fares

JEDDAH — Alinma Bank has recorded net profit of SR2,251 million before Zakat during the nine months of 2019 compared to SR1,856 million for the same period of last year, reflecting a growth of 21%. Net profit for the third quarter of 2019 before Zakat was SR792 million. This represents an improvement over the SR653 million net profit earned before Zakat for the same quarter of the previous year, an increase of 21%. It also showed an increase of 5% over the SR751 million earned during the previous quarter.

Alinma Bank has announced the achievement of a net profit of SR2,026 million during the nine months period of 2019 compared to SR1,810 million for the same period of last year reflected a growth of 12%. Net profit for the third quarter of 2019 was SR713 million. This represents an improvement over the SR637 million net profit earned for the same quarter of the previous year, an increase of 12%. It also showed an increase of 5% over the SR676 million earned during the previous quarter.

Speaking about the financial results, Abdulmohsen Al-Fares, CEO of Alinma Bank, said the results represented considerable growth in all major banking activities. He went on to detail the bank’s performance as follows:

• Assets rose to SR128 billion as on September 30, 2019 compared to SR120 billion as of same period of the previous year, an increase of 7%.

• Total operating income during the nine months of 2019 stood at SR4,095 million, compared to SR3,552 million for the same period of the previous year, an increase of 15%.

• Net income from financing and investment activities amounted to SR3,233 million, compared to SR2,826 million for the same period of the previous year, an increase of 14%.

• The financing portfolio amounted to SR90.8 billion as of September 30, 2019, compared to SR83.2 billion as on the same period of the previous year, an increase of 9%.

• Customer deposits amounted to SR99.8 billion as of September 30, 2019, compared to SR89.9 billion as on the same period of the previous year, an increase of 11%.

• Earnings per share during the nine month period of 2019 rose to SR1.36, compared to SR1.21 for the same period of the previous year.

Al-Fares concluded that Alinma Bank has witnessed steady growth in all activities and offers a comprehensive array of products and services including protection, savings and investment products. In addition, the remittance services through the direct electronic channels and multi-currency card for serving retail, SME and corporate partners (customers). The bank also serves its partners through a kingdom-wide network of 162 branches, 4 sale centers and 1,499 ATMs. In addition, the bank offers a variety of electronic services that allow customers to accessing their accounts and execute transactions round the clock through the self-Internet banking services www.alinma.com, Alinma Phone 8001208000 and Alinma Mobile. — SG


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