Alinma Bank's H1 backed by strong business operations

Alinma Bank's robust figures in H1 2018 were boosted by the growth of the bank's business operations, Abdulmohsen Al-Fares, chief executive and managing director, told Argaam.

The lender reported net profit of SAR 1.2 billion in H1 2018, the highest since inception.

Alinma is looking to raise its market share relative to peers, while maintaining higher asset quality, Al-Fares said.

The bank has a market share of more than 5.7 percent of financing portfolios, and 5.4 percent of deposits, the CEO said.

The Tadawul-listed lender is maintaining strong growth rates, while continuing to implement short-term and long-term strategic plans.

Alinma recorded a provision coverage ratio of 275 percent, as provisions are enhanced to hedge against the future risks.

"The bank's sukuk portfolio is valued at SAR 10 billion, 90 percent of which is invested in government issuances and state-run Saudi Aramco, SATORP and Sadara", Al-Fares noted.