Alinma Bank has invested SAR 13 bln in government sukuk : CEO

Alinma Bank’s investment portfolio is worth SAR 16 billion, of which SAR 13 billion is invested in government sukuk, CEO Abdulmohsen Al-Fares told Al Arabiya channel.

The lender’s portfolio includes bonds of Saudi Aramco, Saudi Aramco Total Refining and Petrochemical Company (SATORP) and Sadara Chemical Company, in addition to private sector sukuk, he said.

Commenting on the bank’s financial results for Q1 2019, Al-Fares said that the main income came from the bank’s main activities, adding that the investment portfolio grew by 30 percent year-on-year (YoY) in Q1.

The bank launched new services during the quarter such as the multi-currency traveler card, he said.

The financing portfolio increased by 9 percent YoY in Q1, he said, noting that this portfolio is seen to further grow, amid projects’ expansion.

“Vision 2030’s projects represent a great investment opportunity for the financial sector and the private sector in general,” he said.

“I’m optimistic about 2019, as we noticed in Q1 many financing opportunities in mega projects, whether in the health sector or the infrastructure projects.”

According to data compiled by Argaam, Alinma Bank’s net profit rose 22 percent YoY to SAR 709 million in Q1.