Alinma Bank has announced that it earned a net profit of SR421 million during the first quarter of 2017. This represents an 8% improvement over the SR391 million net profit earned in the corresponding quarter of 2016. This was also an increase over the SR390 million earned during the fourth quarter of 2016. Speaking about the financial results for the period that ended on March 31, 2017, Abdulmohsen Al-Fares, CEO of Alinma Bank, said the Q1 results represented growth in all major banking activities. He went on to detail the bank's performance as follows: Assets rose to SR105,256 million compared to SR91,611 million for the same period of the previous year, an increase of 15%. The result was also an improvement over the SR104,730 million recorded during the fourth quarter of 2016. Total operating income during the first quarter of 2017 stood at SR1,005 million, compared to SR734 million for the same quarter of the previous year, an increase of 37%. Net income from financing and investment activities amounted to SR814 million, compared to SR611 million from the same quarter of the previous year, an increase of 33%. The financing portfolio amounted to SR73,542 million as of March 31, 2017, compared to SR60,250 million for the same period of the previous year, an increase of 22%. Customer deposits amounted to SR81,445 million, compared to SR68,785 million for the same period of the previous year, an increase of 18%. Earnings per share during the first quarter of 2017 rose to 28 halalas, compared to 26 halalas per share during the same quarter of the previous year. Mr. Al-Fares pointed out that Alinma Bank has witnessed steady growth in all activities and 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 136 branches and 1,365 ATMs. — SG
