Bank AlJazira reported a net profit of SAR 632.7 million in the first six months of 2022, a jump of 11%, compared to SAR 572.8 million in the year-earlier period.
During the six-month period, the bank’s total operating expenses dropped by 8% due to lower net impairment charge for financing and other financial assets. H1 2022 operating income grew 1%, mainly due to an increase in other operating income, net financing and investment income, net gains on FVIS financial instruments, net exchange income and dividend income.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,275.29 | 1,359.98 | 6.6 % |
| Operating Income | 1,773.88 | 1,741.68 | (1.8 %) |
| Total Provisions | (310.75) | (133.60) | 57.0 % |
| Net Income | 572.75 | 632.67 | 10.5 % |
| Average Shares | 1,025.00 | 1,025.00 | - |
| EPS (Riyals) | 0.56 | 0.62 | 10.5 % |
| EPS Diluted (Riyals) | 0.56 | 0.62 | 10.7 % |
The bank’s Q2 2022 net profit increased by 2.6% year-on-year (YoY) to SAR 257.8 million, on 14% lower total operating expenses, due to decreased net impairment charge for financing and other financial assets. This was partially offset by 3% lower operating income and a decrease in net financing and investment income.
On a sequential basis, net profit dropped 31.2% from SAR 374.85 million in Q1 2022.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 631.51 | 631.38 | 0.0 % |
| Operating Income | 828.44 | 806.92 | (2.6 %) |
| Debt Provisions | (157.94) | (39.58) | 74.9 % |
| Net Income | 251.16 | 257.82 | 2.7 % |
| Average Shares | 1,025.00 | 1,025.00 | - |
| EPS (Riyals) | 0.25 | 0.25 | 2.7 % |
| EPS Diluted (Riyal) | 0.25 | 0.25 | 0.8 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 728.60 | 631.38 | (13.3 %) |
| Operating Income | 934.76 | 806.92 | (13.7 %) |
| Debt Provisions | (94.01) | (39.58) | 57.9 % |
| Net Income | 374.85 | 257.82 | (31.2 %) |
| Average Shares | 1,025.00 | 1,025.00 | - |
| EPS (Riyals) | 0.37 | 0.25 | (31.2 %) |
| EPS Diluted (Riyal) | 0.37 | 0.25 | (31.9 %) |
Total shareholders’ equity, excluding minority interest, stood at SAR 13.913 billion by the end of H1 2022, compared to SAR 13.809 billion in a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Assets | 95.90 | 114.65 | 19.6 % |
| Customer Deposits | 70.69 | 86.58 | 22.5 % |
| Loan | 56.90 | 65.57 | 15.2 % |
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