Bank Aljazira reported a net profit of SAR 33.8 million in 2020, a plunge of 97% from SAR 991 million in 2019.
The bank attributed the profit drop to a 75% increase year-on-year (YoY) in operating expenses.
The higher operating expenses were mainly driven by an increase in net impairment charge for expected credit losses. Salaries and employee-related expenses and depreciation and amortization expenses also increased against a decrease in other operating expenses and other general and administrative expenses.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 2,052.16 | 2,390.34 | 16.5 % |
| Operating Income | 2,977.16 | 3,287.12 | 10.4 % |
| Total Provisions | (156.95) | (1575.74) | (904.0 %) |
| Net Income | 991.02 | 33.75 | (96.6 %) |
| Average Shares | 1,025.00 | 1,025.00 | - |
| EPS (Riyals) | 0.97 | 0.03 | (96.6 %) |
In Q4 2020, the bank swung to a net loss of SAR 495.2 million against a net profit of SAR 247.3 million a year earlier.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 543.14 | 631.80 | 16.3 % |
| Operating Income | 817.31 | 916.94 | 12.2 % |
| Debt Provisions | (77.78) | (1100.67) | (1,315.2 %) |
| Net Income | 247.33 | (495.22) | (300.2 %) |
| Average Shares | 1,025.00 | 1,025.00 | - |
| EPS (Riyals) | 0.24 | (0.48) | (300.2 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 616.78 | 631.80 | 2.4 % |
| Operating Income | 811.90 | 916.94 | 12.9 % |
| Debt Provisions | (180.08) | (1100.67) | (511.2 %) |
| Net Income | 181.63 | (495.22) | (372.6 %) |
| Average Shares | 1,025.00 | 1,025.00 | - |
| EPS (Riyals) | 0.18 | (0.48) | (372.6 %) |
| EPS Diluted (Riyal) | 0.18 | (0.48) | (366.7 %) |
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Assets | 86.54 | 92.09 | 6.4 % |
| Customer Deposits | 62.70 | 68.00 | 8.5 % |
| Loan | 49.66 | 53.96 | 8.7 % |
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