ALINMA Bank has registered net income of SR1,502 million for the year ended 2016 compared to the SR1,470 million it earned in 2015, an increase of 2%. For the bank's fourth fiscal quarter it achieved net income of SR390 million compared to the SR386 million earned during the corresponding quarter of 2015 and compared to the SR312 million earned during the third quarter of 2016. Abdulmohsen Al-Fares, CEO and Managing Director of Alinma Bank, said that the bank's performance could be attributed to the considerable growth it acheived in all major banking activities. During 2016, the bank›s assets rose to SR104,725 million from SR88,725 million in 2015, an increase of 18%. It also showed an increase over the SR102,937 million as at end of third quarter of 2016. Total operating income in 2016 stood at SR3,328 million compared to SR3,063 million of 2015, an increase of 9%. During the fourth quarter of 2016, total operating income reached SR945 million compared to the SR780 million posted during corresponding quarter of the previous year, an increase of 21% . There was also an increase of 14% over the SR829 million total operating income recorded for the third quarter of 2016. Net income from financing and investment activities in 2016 amounted to SR2,551 million compared to the SR2,279 million recorded during 2015, an increase of 12%. For the fourth quarter of 2016, net income from financing and investment activities reached SR694 million, a 22% increase over the SR571 million during the same quarter of the previous year. There was also an increase of 4% over the SR665 million recorded for the third quarter of 2016. The financing portfolio amounted to SR70,312 million as of Dec. 31, 2016 compared to SR57,006 million as of Dec. 31, 2015, an increase of 23%. At the end of 2016, Customer deposits amounted to SR80,612 million compared to SR65,695 million in the previous year, an increase of 23%. Al-Fares further said the bank had 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 more than 134 branches across Saudi Arabia. Alinma also provides its services through an array of 24/7 electronic channels, including Alinma Internet (HYPERLINK «http://www.alinma.com/» www.alinma.com), Alinma Mobile, Alinma Phone (8001208000), Alinma smartphone applications and its network of more than 1,340 ATMs.
