Aljazira bank posts higher net profit at SAR 326m in I2 of 2014

30/06/2014 Argaam Exclusive

Aljazira bank, one of the smallest banks listed in the Saudi market in terms of assets, reported SAR 326m net profit at the end of the first half of 2014, a 4% increase compared to the same period last year, as shown in the following table:



Financials (M)

Item 6m 2013 6m 2014 Change‬
Net Special Commission Income 567.68 677.94 19.4 %
Operating Income 891.09 1,067.78 19.8 %
Total Provisions (86.54) (156.56) (80.9 %)
Net Income 311.64 326.04 4.6 %
Average Shares 567.55 567.55 -
EPS (Riyals) 0.55 0.57 4.6 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Net Special Commission Income 301.98 356.29 18.0 %
Operating Income 448.47 557.72 24.4 %
Debt Provisions (31.05) (91.18) (193.6 %)
Net Income 167.39 166.71 (0.4 %)
Average Shares 567.55 567.55 -
EPS (Riyals) 0.29 0.29 (0.4 %)

Balance Sheet (B)

Item 6m 2013 6m 2014 Change‬
Assets 56.25 65.80 17.0 %
Customer Deposits 45.20 51.84 14.7 %
Loan 33.31 38.97 17.0 %

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Share Price

Bank Aljazira
16.80
0.00 0.00 %

Bank Aljazira (BJAZ)

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Financial Ratios
Current
Market Cap (M Riyal) 13,776.00
Shares Outstanding ((M)) 820.00
EPS ( Riyal) (TTM) 1.20
EPS Diluted ( Riyal) (TTM) 1.11
Book Value (BV) ( Riyal) 15.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.24
P/E (TTM) 13.99
Price/book 1.11
Return on Average Assets (%) (TTM) 0.8
Return on Average Equity (%) (TTM) 8.1
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Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2005 54.14 25.9 % 169.45 31.9 % (23.81) 38.3 % 74.53 135.4 % 0.13
Q2 2005 64.29 42.0 % 314.41 73.2 % (59.02) 28.8 % 179.72 404.6 % 0.32
Q3 2005 78.08 62.9 % 351.45 145.5 % (35.84) (69.7 %) 229.52 346.0 % 0.40
Q4 2005 79.90 54.5 % 483.29 228.8 % (0.06) 99.7 % 390.62 466.1 % 0.69
Q1 2006 103.21 90.6 % 816.87 382.1 % (20.35) 14.5 % 683.35 816.9 % 1.20
Q2 2006 105.34 63.8 % 899.94 186.2 % (0.30) 99.5 % 664.19 269.6 % 1.17
Q3 2006 133.01 70.4 % 525.44 49.5 % 22.24 162.0 % 424.35 84.9 % 0.75
Q4 2006 135.09 69.1 % 373.14 (22.8 %) (17.67) (29,854.2 %) 202.06 (48.3 %) 0.36
Q1 2007 138.75 34.4 % 415.17 (49.2 %) 21.35 204.9 % 302.45 (55.7 %) 0.53
Q2 2007 155.74 47.8 % 363.33 (59.6 %) 2.33 873.1 % 207.28 (68.8 %) 0.37
Q3 2007 146.56 10.2 % 321.85 (38.7 %) 1.27 (94.3 %) 135.00 (68.2 %) 0.24
Q4 2007 154.08 14.1 % 346.45 (7.2 %) 0.96 105.5 % 160.46 (20.6 %) 0.28
Q1 2008 166.91 20.3 % 341.75 (17.7 %) (1.72) (108.1 %) 153.35 (49.3 %) 0.27
Q2 2008 167.77 7.7 % 331.32 (8.8 %) (23.48) (1109.2 %) 99.89 (51.8 %) 0.18
Q3 2008 154.35 5.3 % 257.29 (20.1 %) 0.12 (90.9 %) 60.87 (54.9 %) 0.11
Q4 2008 142.38 (7.6 %) 206.19 (40.5 %) (36.07) (3841.8 %) (91.77) (157.2 %) (0.16)
Q1 2009 172.59 3.4 % 276.60 (19.1 %) 0.55 131.7 % 102.23 (33.3 %) 0.18
Q2 2009 186.48 11.1 % 349.41 5.5 % (39.65) (68.8 %) 121.23 21.4 % 0.21
Q3 2009 161.91 4.9 % 358.16 39.2 % (115.68) (99820.7 %) 69.79 14.6 % 0.12
Q4 2009 146.80 3.1 % 186.86 (9.4 %) (257.31) (613.3 %) (265.72) (189.5 %) (0.47)
Q1 2010 168.44 (2.4 %) 305.10 10.3 % (110.00) (20283.5 %) 12.61 (87.7 %) 0.02
Q2 2010 187.78 0.7 % 295.20 (15.5 %) (93.82) (136.6 %) 21.31 (82.4 %) 0.04
Q3 2010 175.35 8.3 % 292.61 (18.3 %) (93.36) 19.3 % 22.13 (68.3 %) 0.04
Q4 2010 185.69 26.5 % 262.16 40.3 % (65.05) 74.7 % (27.14) 89.8 % (0.05)
Q1 2011 183.23 8.8 % 276.26 (9.5 %) 4.25 103.9 % 62.29 393.9 % 0.11
Q2 2011 191.66 2.1 % 308.29 4.4 % (43.99) 53.1 % 64.20 201.3 % 0.11
Q3 2011 210.03 19.8 % 293.71 0.4 % (22.72) 75.7 % 66.02 198.3 % 0.12
Q4 2011 196.53 5.8 % 329.83 25.8 % (7.89) 87.9 % 110.35 506.5 % 0.19
Q1 2012 218.62 19.3 % 425.74 54.1 % (47.73) (1223.5 %) 143.04 129.6 % 0.25
Q2 2012 241.06 25.8 % 408.51 32.5 % (56.81) (29.2 %) 129.17 101.2 % 0.23
Q3 2012 244.65 16.5 % 391.92 33.4 % (35.66) (56.9 %) 130.46 97.6 % 0.23
Q4 2012 246.55 25.4 % 371.41 12.6 % (32.28) (309.1 %) 97.81 (11.4 %) 0.17
Q1 2013 265.70 21.5 % 442.62 4.0 % (55.48) (16.3 %) 144.24 0.8 % 0.25
Q2 2013 301.98 25.3 % 448.47 9.8 % (31.05) 45.3 % 167.39 29.6 % 0.29
Q3 2013 323.13 32.1 % 471.88 20.4 % 2.93 108.2 % 188.68 44.6 % 0.33
Q4 2013 332.14 34.7 % 476.34 28.3 % (52.74) (63.4 %) 150.32 53.7 % 0.26
Q1 2014 321.65 21.1 % 510.06 15.2 % (65.38) (17.8 %) 159.33 10.5 % 0.28
Q2 2014 356.29 18.0 % 557.72 24.4 % (91.18) (193.6 %) 166.71 (0.4 %) 0.29

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2005 11.17 14.0 % 8.97 8.6 % 5.62 19.6 %
Q2 2005 12.73 44.8 % 9.92 40.6 % 6.57 50.4 %
Q3 2005 13.20 29.8 % 10.28 23.0 % 6.61 36.0 %
Q4 2005 14.17 32.1 % 10.82 32.8 % 6.91 33.2 %
Q1 2006 13.39 19.9 % 9.15 2.1 % 6.35 12.9 %
Q2 2006 14.85 16.7 % 10.59 6.8 % 5.79 (11.8 %)
Q3 2006 15.36 16.3 % 10.83 5.3 % 5.57 (15.8 %)
Q4 2006 15.71 10.9 % 10.92 0.9 % 6.27 (9.3 %)
Q1 2007 17.12 27.9 % 12.04 31.5 % 6.85 7.9 %
Q2 2007 15.72 5.8 % 10.59 0.0 % 7.20 24.3 %
Q3 2007 16.35 6.5 % 11.21 3.6 % 8.26 48.3 %
Q4 2007 21.56 37.2 % 15.65 43.3 % 9.88 57.5 %
Q1 2008 22.90 33.8 % 15.93 32.3 % 11.91 74.0 %
Q2 2008 24.28 54.5 % 17.29 63.2 % 14.00 94.5 %
Q3 2008 23.40 43.2 % 16.86 50.3 % 14.09 70.6 %
Q4 2008 27.52 27.6 % 20.90 33.6 % 15.13 53.2 %
Q1 2009 27.07 18.2 % 21.37 34.2 % 15.31 28.5 %
Q2 2009 28.94 19.2 % 22.15 28.1 % 15.82 13.0 %
Q3 2009 29.16 24.6 % 22.19 31.6 % 15.60 10.7 %
Q4 2009 29.98 8.9 % 22.14 5.9 % 15.50 2.5 %
Q1 2010 27.79 2.7 % 19.20 (10.2 %) 16.34 6.7 %
Q2 2010 29.17 0.8 % 22.66 2.3 % 17.41 10.0 %
Q3 2010 29.85 2.4 % 22.61 1.9 % 18.27 17.1 %
Q4 2010 33.02 10.1 % 27.34 23.5 % 18.70 20.6 %
Q1 2011 35.91 29.2 % 28.76 49.8 % 19.94 22.1 %
Q2 2011 36.74 26.0 % 29.08 28.3 % 22.03 26.5 %
Q3 2011 37.55 25.8 % 30.60 35.3 % 21.78 19.3 %
Q4 2011 38.90 17.8 % 31.16 13.9 % 23.31 24.6 %
Q1 2012 43.10 20.0 % 34.60 20.3 % 25.07 25.7 %
Q2 2012 47.12 28.2 % 37.25 28.1 % 27.23 23.6 %
Q3 2012 47.84 27.4 % 39.41 28.8 % 28.31 30.0 %
Q4 2012 50.78 30.5 % 40.68 30.5 % 29.90 28.3 %
Q1 2013 54.14 25.6 % 41.42 19.7 % 32.41 29.3 %
Q2 2013 56.25 19.4 % 45.20 21.3 % 33.31 22.3 %
Q3 2013 55.53 16.1 % 45.55 15.6 % 35.39 25.0 %
Q4 2013 59.98 18.1 % 48.08 18.2 % 34.99 17.1 %
Q1 2014 60.64 12.0 % 48.47 17.0 % 36.68 13.2 %
Q2 2014 65.80 17.0 % 51.84 14.7 % 38.97 17.0 %

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2005 2.20 % 18.25 % 31.05 %
Q2 2005 3.48 % 25.81 % 28.18 %
Q3 2005 4.73 % 34.26 % 25.27 %
Q4 2005 7.03 % 42.06 % 20.96 %
Q1 2006 12.08 % 60.57 % 16.56 %
Q2 2006 14.27 % 69.24 % 14.36 %
Q3 2006 15.14 % 68.59 % 15.46 %
Q4 2006 13.21 % 57.52 % 18.22 %
Q1 2007 10.44 % 41.25 % 23.14 %
Q2 2007 7.43 % 28.29 % 33.55 %
Q3 2007 5.34 % 19.88 % 39.10 %
Q4 2007 4.32 % 18.11 % 41.13 %
Q1 2008 3.28 % 14.23 % 45.38 %
Q2 2008 2.74 % 12.03 % 47.36 %
Q3 2008 2.39 % 10.29 % 50.37 %
Q4 2008 0.91 % 4.76 % 55.56 %
Q1 2009 0.69 % 3.59 % 59.46 %
Q2 2009 0.72 % 4.06 % 60.19 %
Q3 2009 0.77 % 4.22 % 55.73 %
Q4 2009 0.10 % 0.60 % 57.02 %
Q1 2010 (0.23 %) (1.35 %) 55.32 %
Q2 2010 (0.56 %) (3.52 %) 58.06 %
Q3 2010 (0.71 %) (4.50 %) 62.83 %