Alinma Bank net profit rises 19% in first half

19/07/2017 05:57 AST

Alinma Bank has announced the achievement of a net profit of SR488 million during the second quarter of 2017. This represents an improvement over the SR409 million net profit earned for the same period of the previous year, an increase of 19%. It also showed an increase of 16% over the SR421 million earned during the first quarter of 2017.

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

• Assets rose to SR111,376 million as on June 30, 2017 compared to SR98,186 million as of same period of the previous year, an increase of 13%.

• Net Income for the half-year stood at SR910 million, compared to SR800 million for the same period of the previous year, an increase of 14%.

• The financing portfolio amounted to SR76,961 million as of June 30, 2017, compared to SR66,488 million as on the same period of the previous year, an increase of 16%.

• Customer deposits amounted to SR85,783 million as of June 30, 2017, compared to SR74,166 million as on the same period of the previous year, an increase of 16%.

• Earnings per share during the six month period of 2017 rose to 0.61 halalas, compared to 0.54 halalas for the same period of the previous year.

Al-Fares noted that Alinma Bank maintained its growth pace and offers a comprehensive array of products and services to both its retail and corporate partners.

Saudi Gazette