Riyadh – Mubasher: Al Inma Bank's deposits are expected to increase by more than 12% during 2018, said CEO Abdulmohsen Al Fares.
The kingdom's ninth-largest lender by assets plans to raise its market share in a bid to be one of the biggest four banks in the country, Al Arabiya.Net reported, citing Al Fares as saying.
The bank’s general expenses growth in 2017 was attributed to the inauguration of new branches, in addition to adding about 96 automated teller machines (ATMs) during the fourth quarter of 2017, Al Fares added.
Al Inma bank may need to raise provisions besides an increase in funding portfolio.
The bank’s provisions rose by SAR 300 in Q4-17, and by more than SAR 500 million during 2017.
Al Inma Bank’s profits jumped 43.6% to SAR 560 million in Q4-17, while annual profits levelled up 33.9% to SAR 2.01 billion during 2017.
