Bank Aljazira’s net profit rises over twofold in FY19

04/02/2020 Argaam Exclusive

Bank Aljazira’s net profit more than doubled year-on-year (YoY) to SAR 991 million for the fiscal year 2019, on lower Zakat charges and higher operating income.



Financials (M)

Item 2018 2019 Change‬
Net Special Commission Income 1,904.03 2,052.16 7.8 %
Operating Income 2,664.75 2,977.16 11.7 %
Total Provisions (106.80) (156.95) (47.0 %)
Net Income 378.28 991.02 162.0 %
Average Shares 1,025.00 1,025.00 -
EPS (Riyals) 0.37 0.97 162.0 %

The increase in operating income was attributed to higher net special commission income, net gain on the de-recognition of financial assets measured at amortized cost, net banking fees, net exchange income, net gain on FVIS financial instruments, among others.

 

In Q4 2019, net profit stood at SAR 247.3 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Net Special Commission Income 487.98 543.14 11.3 %
Operating Income 680.59 817.31 20.1 %
Debt Provisions (27.88) (77.78) (179.0 %)
Net Income (349.84) 247.33 170.7 %
Average Shares 1,025.00 1,025.00 -
EPS (Riyals) (0.34) 0.24 170.7 %

Balance Sheet (B)

Item 2018 2019 Change‬
Assets 73.00 86.54 18.5 %
Customer Deposits 51.80 62.70 21.0 %
Loan 40.90 49.66 21.4 %

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