Alinma records robust performance in 2019, plans to expand: CEO

Alinma Bank recorded a strong performance last year, CNBC Arabia reported, citing Chief Executive Officer, Abdulmohsen Al-Fares.

Gross operating income jumped 16% year-on-year (YoY) to exceed SAR 5.6 billion in 2019, hitting a first time record. Net income before zakat stood at SAR 3.53 billion, while net profit before zakat grew by 12% YoY to SAR 2.82 billion in 2019.

The bank’s total asset-base is valued at SAR 131.8 billion. Deposits reached SAR 102 billion, while loans grew by 13% to SAR 94.8 billion in 2019.

The settlement made between Saudi Arabian banks and the General Authority of Zakat and Tax (GAZT) in 2018 changed the zakat policy related to Q2 2019 financial statements.

“In 2020, we will focus on the quality of services in line with launching FinTech, as we will introduce new products and open 2 new digital branches,” Al-Fares said.

He also noted that Alinma will likely boost digital transactions, penetrate new regions and increase the number of ATMs in 2020.

Alinma Bank reported an 11% profit decline YoY in net profit to SAR 2.5 billion in 2019, Argaam reported.