Alinma Bank has announced that it achieved a net profit of SR391 million during the first quarter of 2016. This represents a 14% improvement over the SR344 million net profit earned in the corresponding quarter of 2015. This was also an increase over the SR386 million earned during the fourth quarter of 2015. Abdulmohsen Al-Fares, CEO of Alinma Bank, said the Q1 results represented growth in all major banking activities. Assets rose to SR91,611 million compared to SR83,685 million for the same period of the previous year, an increase of 9.5%. The result was also an improvement over the SR88,725 million recorded during the fourth quarter of 2015. Total operating income during the first quarter of 2016 stood at SR734 million, compared to SR730 million for the same quarter of the previous year, an increase of 1%. Net income from financing and investment activities amounted to SR589 million, compared to SR550 million from the same quarter of the previous year, an increase of 7.1%. The financing portfolio amounted to SR60,250 million as of March 31, 2016, compared to SR55,523 million for the same period of the previous year, an increase of 8.5%. Customer deposits amounted to SR68,785 million, compared to SR61,689 million for the same period of the previous year, an increase of 11.5%. Earnings per share during the first quarter of 2016 rose to 26 halalas, compared to 23 halalas per share during the same quarter of the previous year. Al-Fares further said Alinma Bank had witnessed steady growth in all activities. He further noted that the bank offers a comprehensive array of outstanding products and services to both its retail and corporate partners (customers). The bank serves its partners through a kingdom-wide network of 123 branches and 1,209 ATMs.
