20/01/2014 09:15 AST
Alinma Bank has announced that it achieved net income of SAR 1,005 million during 2013 compared to the SAR 733 million it earned in 2012, an increase of 37 per cent. For the bank’s fourth fiscal quarter it achieved net income of SAR 280 million compared to the SAR 208 million earned during the corresponding quarter of 2011 and compared to the SAR 262 million earned during the third quarter of 2013.
Speaking about the financial results for the period that ended on December 31, 2013, Mr. Abdulmohsen Al-Fares, CEO and managing director of Alinma Bank, said that the bank’s performance could be attributed to the considerable growth it experienced in all major banking activities. He went on to summarize the results as follows.
• During 2013, the bank's assets rose to SAR 63,001 million from SAR 54,014 million in 2012, an increase of 17 per cent. That was also an increase over the SAR 59,145 million in assets it posted during the third quarter of 2013.
• Total operating income in 2013 stood at SAR 2,279 million compared to SAR 1,826 million in 2012, an increase of 25 per cent. During the fourth quarter of 2013, total operating income reached SAR 656 million compared to the SAR 490 million posted during same quarter of the previous year, an increase of 34 per cent. That was also an increase over the SAR 542 million in total operating income recorded for the third quarter of 2013.
• Net income from financing and investment activities in 2013 amounted to SAR 1,835 million compared to the SAR 1,517 million recorded during 2012, an increase of 21 per cent. For the fourth quarter of 2013, net income from financing and investment activities reached SAR 474 million, a 9 per cent increase over the SAR 433 million during the same quarter of the previous year. That was also an increase over the SAR 460 million recorded for the third quarter of 2013.
• The financing portfolio amounted to SAR 44,924 million as at December 31, 2013 compared to SAR 37,187 million as at December 31, 2012, an increase of 21 per cent. That was also an increase over the SAR 41,915 recorded during the third quarter of 2013.
• At the end of 2013, customer deposits amounted to SAR 42,763 million compared to SAR 32,214 million in the previous year, an increase of 32.75 per cent. That was also an increase over the SAR 37,623 million recorded in the third quarter of 2013.
Mr. Al-Fares went on to say that the bank had shown steady growth over the past four years with the launch of numerous new products for its retail and corporate partners (customers) and with the expansion of its branch network, which now includes 96 branches across Saudi Arabia.
CPI Financial
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