Alinma Bank announces net profit of SR1,048 million before zakat

Alinma Bank announces net profit of SR1,048 million before zakat
Alinma Bank announces net profit of SR1,048 million before zakat

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Hind Al Soulia - Riyadh - RIYADH — Alinma Bank has announced the net profit before zakat of SR1,048 million for the first half of 2020, while the net profit after zakat amounted to SR943 million. The net profit for the second quarter of 2020 was SR572 million compared to SR370 million for the previous quarter this year.

Despite the 10% increase in the net income from the core business of financing & investments, the six months net income declined to SR943 million due to the higher provision for credit losses and the downward revaluation of investments compared to the corresponding period of 2019.

Speaking about the financial results for the period, Abdulmohsen Al-Fares, CEO of Alinma Bank, briefed that all major banking activities reflected significant growth over the prior periods. He went on to detail the bank’s performance as follows:

• Assets rose to SR142,196 million compared to SR123,479 million last year, an increase of 15%.

• Net income for the half year from financing and investment activities amounted to SR2,243 million, compared to SR2,042 million for the same period last year, an increase of 10%.

• The financing portfolio amounted to SR103,178 million as of June 30, 2020, compared to SR87,667 million last year, an increase of 18%.

• Customer deposits amounted to SR107,417 million, compared to SR92,816 million last year, an increase of 16%.

Al-Fares also pointed that the bank has increased its provisions for the credit portfolio during the first half of this year. With regard to operational aspects, Alinma Bank has added many differentiating banking products and services and invested in the training and enhancing the caliber of its employees.

In addition to enhancing its digital services and products, currently the Alinma is serving with great efficiency all segments, whether individual, SME or the corporate, which has contributed to the continuous growth in the partner base as well as the growth in financing, investments, deposits and bank assets.

Currently Alinma has a wide network of branches spread across the Kingdom, and provides modern and multiple electronic services that allow partners to access their accounts and carry out banking operations round the clock through self-banking services via Internet, Alinma Phone baking 8001208000, and a large network of modern ATMs of 1,520 spread across the Kingdom. — SG

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