Bank Aljazira 9M 2020 net profit drops 29% to SAR 529 mln

01/11/2020 Argaam Exclusive
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Bank Aljazira reported a net profit of SAR 529 million for the first nine months of 2020, a 29% drop, compared to SAR 743.7 million in the same period a year earlier.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Net Special Commission Income 1,509.03 1,758.57 16.5 %
Operating Income 2,159.85 2,370.22 9.7 %
Total Provisions (79.18) (475.08) (500.0 %)
Net Income 743.69 529.01 (28.9 %)
Average Shares 1,025.00 1,025.00 -
Earnings Per Share before unusual items (Riyals) 0.73 0.52 (28.9 %)
EPS (Riyals) 0.73 0.52 (28.9 %)

The company attributed the slump in profit to higher operating expenses by 32%.

 

However total operating income increased by 10% due to higher net special commission income, net exchange income, other operating income, net gains on de-recognition of financial assets measured at FVOCI, and net gain on FVIS financial instruments against a decrease in net banking fee.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Net Special Commission Income 517.66 616.78 19.1 %
Operating Income 749.62 811.90 8.3 %
Debt Provisions (40.35) (180.08) (346.3 %)
Net Income 256.87 181.63 (29.3 %)
Average Shares 1,025.00 1,025.00 -
Earnings Per Share before unusual items (Riyals) 0.25 0.18 (29.3 %)
EPS (Riyals) 0.25 0.18 (29.3 %)

In Q3 2020, net profit declined by 29% YoY to SAR 181.6 million due to a 31% rise in operating expenses, driven by an increase in total operating income by 8%.

 

On a sequential basis, net profit rose 9.5% in Q3 2020, due to a 3% increase in operating income.

Balance Sheet (B)

Item 9m 2019 9m 2020 Change‬
Assets 80.61 91.91 14.0 %
Customer Deposits 59.05 62.98 6.7 %
Loan 44.53 54.14 21.6 %

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Share Price

Bank Aljazira
17.30
(0.30) (1.70 %)

Bank Aljazira (BJAZ)

1 Day (1.70 %) 5 Days (2.70 %) 3 Months (0.23 %) 6 Months 0.35 % Year 11.01 % 2 Years 18.56 % 5 Years 94.82 % All 359.13 %
Created with Highstock 6.0.710:1510:3010:4511:0011:1511:3011:4512:0012:1512:3012:4513:0013:1513:3013:4514:0014:1514:3014:4515:1511,70011,72011,74011,76011,78011,80011,82011,84011,860
Close : 11836.52 | Mar 9, 15:20
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Financial Ratios
Current
Market Cap (M Riyal) 17,732.50
Shares Outstanding ((M)) 1,025.00
EPS ( Riyal) (TTM) 1.20
EPS Diluted ( Riyal) (TTM) 1.01
Book Value (BV) ( Riyal) 13.00
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.92
P/E (TTM) 14.41
Price/book 1.33
Return on Average Assets (%) (TTM) 0.9
Return on Average Equity (%) (TTM) 9.5
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