Bank AlJazira Q1 2022 net profit rises 17% to SAR 374.9 mln

Bank AlJazira posted a net profit of SAR 374.9 million for the first quarter of 2022, a rise of 17%, compared to a net profit of SAR 321.6 million in the prior-year period.

The net profit rose mainly due to a 38% year-on-year (YoY) decrease in net impairment charge for financing and other financial assets and a 4% YoY increase in operating income.

The increase in operating income was driven by a rise in net financing and investment income, other operating income and net gains on derecognition of financial assets at fair value through other comprehensive income (FVOCI) against a decrease in net gains on derecognition of financial assets at amortized cost, net fees from banking services and net gains on FVIS financial instruments.

Meanwhile, total operating expenses without impairment charge increased by 10% YoY mainly due to an increase in general and administrative expenses, along with a rise in salaries and employee-related expenses.

The bank also noted a decrease in depreciation and amortization expenses and other operating expenses.

Compared to the previous quarter, the net profit jumped 63.9% from SAR 228.8 million in Q4 2021.

Shareholders’ equity, excluding minority interest, edged up 18.2% to SAR 11.982 billion by the end of Q1 2022, compared to SAR 11.726 billion in the year-ago period.

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