CEO: 97% of Alinma Bank’s revenue from core business, fin. position solid

Alinma Bank has made 97 percent of its revenues from its core sectors, finance portfolios and retail and corporate banking, and retains a sound financial position with bad debt provisions of SAR 600 million, CEO Abdulmohsen Al-Fares told Al-Arabiya TV.

Al-Fares told Al-Arabiya TV that the bank had a client base of around 800,000 customers and owns a hundred branches around Saudi Arabia, with plans to expand in minor cities.

He said the brokerage business accounted for around 2.7 percent of revenues with great future prospects.

Al-Fares said returning surplus funds of NCB’s initial public offering will be a good business for local banks, and the conversion of NCB into full-fledged Islamic banking will be positive for competition.

The bank had made SAR 932 million profit in the first nine months of 2014, compared with SAR 725 million in the same period of 2013.