Bank Aljazira posts 97% slump in 2020 net profit to SAR 33.8 mln

15/02/2021 Argaam Exclusive

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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.



Financials (M)

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 -
Earnings Per Share before unusual items (Riyals) 0.97 0.03 (96.6 %)
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.



Current Quarter Comparison (M)

Compared With The
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 -
Earnings Per Share before unusual items (Riyals) 0.24 (0.48) (300.2 %)
EPS (Riyals) 0.24 (0.48) (300.2 %)

Balance Sheet (B)

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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Share Price

Bank Aljazira
16.54
0.56 3.50 %

Bank Aljazira (BJAZ)

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Financial Ratios
Current
Market Cap (M Riyal) 16,953.50
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) 14.27
P/E (TTM) 13.77
Price/book 1.27
Return on Average Assets (%) (TTM) 0.9
Return on Average Equity (%) (TTM) 9.5
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