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

01/11/2020 Argaam Exclusive

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 -
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 -
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
16.44
(0.14) (0.84 %)

Bank Aljazira (BJAZ)

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Financial Ratios
Current
Market Cap (M Riyal) 16,851.00
Shares Outstanding ((M)) 1,025.00
EPS ( Riyal) (TTM) 1.20
EPS Diluted ( Riyal) (TTM) 1.01
Book Value (BV) ( Riyal) 13.18
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.23
P/E (TTM) 13.70
Price/book 1.25
Return on Average Assets (%) (TTM) 0.9
Return on Average Equity (%) (TTM) 9.5
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