ALINMA Bank has announced a net profit of SR1,112 million for the first nine months of its current fiscal year. This represents a 3% increase over the SR1,084 million earned during the corresponding period of the previous year. For the bank's third fiscal quarter, net profit was SR312 million, compared to the SR375 million earned in the corresponding quarter of 2015. The Q3 result was also a 24% decrease from the SR409 million earned during the second quarter of 2016. Abdulmohsen Al-Fares, CEO of Alinma Bank, said that except for a one-off charge for impairment of equity investments, the results represented considerable growth in all major banking activities. Gross revenue from financing and investments increased 27% from SR1,888 million to 2,393 million. The financing portfolio amounted to SR69,275 million as of September 30, 2016, compared to SR53,467 million as of the same date of the previous year, an increase of 30%. Customer deposits amounted to SR77,319 million as of September 30, 2016, compared to SR60,377 million on the same date of the previous year, an increase of 28%. Assets rose to SR102,937 million as of September 30, 2016 compared to SR82,389 million as of same date of the previous year, an increase of 25%. Net income for the nine months stood at SR1,112 million, compared to SR1,084 million for the same period of the previous year, an increase of 3%. Earnings per share during the nine months rose to 75 halalas, a 7.5% increase over the 73 halalas for the same period of the previous year. For the past several quarters, Alinma has rallied behind its "We Care" effort, to which Al-Fares, attributes much of the bank's success. "When we launched "We Care," we made a commitment to show our partners (customers), both retail and corporate, a level of service that goes beyond the superficial types of engagement we could rely upon," said Al-Fares. "This commitment encompasses all aspects of our operations and drives a pursuit of excellence throughout our entire organization." He added: "As an integral part of the overall economy, Alinma must push forward with its partners and society at-large in mind; and in Q3, our focus on service allowed for these positive results and I am optimistic for the future." Alinma Bank had witnessed steady growth in all activities and that it continues to offer a comprehensive array of outstanding products and services to both its retail and corporate partners., he noted.
