Alinma Bank has announced the achievement of a net profit of SR 179 million during the second quarter of the current year (2012) compared to a net profit of SR 102 million during similar quarter in 2011 and SR 150 million in the first quarter of 2012.
Speaking about the financial results for the period ended June 30, 2012, Abdulmohsen Al-Fares, CEO of Alinma Bank, said that the results of the second quarter of this year showed good growth in the main activities of the bank. The bank's assets increased by 37 percent reaching SR 44.19 billion, compared to SR 32.35 billion for the same period of the previous year and SR 39.87 billion for the first quarter of this year.
Operations net total income for the second quarter of 2012 amounted to SR 484 million, compared to SR 307 million for the same quarter of 2011 with an increase of 58 percent and SR 393 million for the first quarter of 2012.
Likewise, the net profit from main activities during the second quarter of 2012 reached SR 346 million, compared to SR 278 million for the same quarter of previous year with an increase of 24 percent and SR 330 million for the first quarter of 2012. Al-Fares added that financing portfolio on June 30, 2012 amounted to SR 30.03 billion, compared to SR 22.50 billion for the same period of the previous year with an increase of 33 percent and SR 27.61 billion for the first quarter of this year.
Al-Fares also added that customer deposits reached SR 25.96 billion, compared to SR 13.23 billion for the same period of the previous year with an increase of SR 96 percent and SR 21.33 billion for the first quarter of 2012.
Al-Fares concluded that the bank is growing rapidly and offers many products and services for both retail and corporate sectors and that the branch network witnesses significant spread where the bank is offering its services through more than 77 branches for men and women in different regions of the Kingdom.
Kuwait inflation plunges to nine-year low
Kuwait's annual inflation rate fell to a modest 2.7 per cent in October - its lowest in nine years, despite robust consumer spending and some improvement in business sentiment, said a report.