ALINMA Bank has announced the net profit of SR582 million for the first quarter of 2018. This represents an improvement over theSR421 million earned in the corresponding quarter of 2017, an increase of 38%. It also showed an increase compared to the SR560 million earned during the fourth quarter of 2017.

Speaking about the financial results for the quarter, Abdulmohsen Al-Fares, CEO of Alinma Bank, said that the Q1 results represented growth in all major banking activities. He went on to detail the bank’s performance as follows:

Assets rose to SR113,747 million compared to SR105,077 million for the same period of the previous year, an increase of 8%.

Total operating income during the first quarter of 2018 stood at SR1,110 million, compared to SR1,005 million for the same quarter of the previous year, an increase of 10%.

Net income from financing and investment activities amounted to SR896 million, compared to SR814 million for the same quarter of the previous year, an increase of 10%.

The financing portfolio amounted to SR78,816 million as of March 31, 2018, compared to SR73,542 million at the same time of the previous year, an increase of 7%.

Customer deposits amounted to SR89,340 million, compared to SR81,445 million at the same time of the previous year, an increase of 10%.

Earnings per share for the first quarter of 2018 rose to 39 halalas, compared to 28 halalas per share for the same quarter of the previous year.

Al-Fares further said Alinma Bank has witnessed steady growth in all activities and offers a comprehensive array of products and services to both its retail and corporate partners (customers). The bank serves its partners through a kingdom-wide network of 148 branches and 1,442 ATMs. — SG