Business & Money | Saturday 3 February, 2018 5:38 pm |

ALINMA Bank has announced net income at SR2,011 million for the year ended 2017 compared to the SR1,502 million it earned in 2016, an increase of 34%. For the bank’s fourth fiscal quarter it achieved net income of SR560 million compared to the SR390 million earned during the corresponding quarter of 2016 and compared to the SR542 million earned during the third quarter of 2017.

Speaking about the financial results for the year 2017, Abdulmohsen Al-Fares, CEO and Managing Director of Alinma Bank, said that the bank’s performance is attributed to considerable growth in all major banking activities.

During 2017, the bank's assets rose to SR115,005 million from SR104,730 million in 2016, an increase of 10%.

Total operating income for 2017 at SR4,373 million compared to SR3,328 million for 2016, an increase of 31%. During the fourth quarter of 2017, total operating income reached SR1,299 million compared to the SR945 million posted during the corresponding quarter of the previous year, an increase of 37% . There was also an increase of 22% over the SR1,063 million total operating income recorded for the third quarter of 2017.

Net income from financing and investments for 2017 amounted to SR3,493 million compared to the SR2,652 million recorded during 2016, an increase of 32%. For the fourth quarter of 2017, net income from financing and investment activities reached SR967 million, a 33% increase over the SR727 million earned during the same quarter of the previous year. There was also an increase of 10% over the SR877 million recorded for the third quarter of 2017.

The financing portfolio amounted to SR79,063 million as at December 31, 2017 compared to SR70,312 million as at December 31, 2016, an increase of 12%.

At the end of 2017, Customer deposits amounted to SR89,065 million compared to SR80,612 million in the previous year, an increase of 10%.

Al-Fares went on to say that the bank has shown steady growth over the past 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 148 branches across Saudi Arabia.

Alinma also provides its services through an array of 24/7 electronic channels, including Alinma Internet (www.alinma.com), Alinma Mobile, Alinma Phone (8001208000), Alinma smartphone applications and a network of 1,436 ATMs.