Bank AlJazira net profit rises 11% to SAR 865.3 mln in 9M 2022; Q3 at SAR 232.7 mln

Bank AlJazira reported a net profit of SAR 865.3 million for the first nine months of 2022, a rise of 11% from SAR 777.3 million a year earlier.

The profit growth was driven by a 7% decrease in total operating expenses mainly triggered by a decline in net impairment charges for financing and other financial assets, as well as impairment charges for other real estate, in addition to depreciation and amortization expenses.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Net Special Commission Income	1,948.97	2,014.31	3.4 %
Operating Income	2,652.14	2,622.81	(1.1 %)
Total Provisions	(469.22)	(236.11)	49.7 %
Net Income	777.28	865.34	11.3 %
Average Shares	1,025.00	1,025.00	-
EPS (Riyals)	0.76	0.84	11.3 %
EPS Diluted (Riyals)	0.76	0.81	6.2 %

In Q3 2022, net profit rose 13.8% to SAR 232.7 million from SAR 204.5 million a year earlier, mainly due to a decrease in total operating expenses by 5%.

On a sequential basis, net profit dropped 9.7% from SAR 257.8 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Net Special Commission Income	673.68	654.33	(2.9 %)
Operating Income	878.26	881.13	0.3 %
Debt Provisions	(158.46)	(102.52)	35.3 %
Net Income	204.53	232.67	13.8 %
Average Shares	1,025.00	1,025.00	-
EPS (Riyals)	0.20	0.23	13.8 %
EPS Diluted (Riyal)	0.20	0.22	12.0 %

Item	Q2 2022	Q3 2022	Change‬
Net Special Commission Income	631.38	654.33	3.6 %
Operating Income	806.92	881.13	9.2 %
Debt Provisions	(39.58)	(102.52)	(159.0 %)
Net Income	257.82	232.67	(9.8 %)
Average Shares	1,025.00	1,025.00	-
EPS (Riyals)	0.25	0.23	(9.8 %)
EPS Diluted (Riyal)	0.23	0.22	(3.9 %)

Total shareholders’ equity, no minority interest after excluding sukuk, stood at SAR 11.799 billion as of Sept. 30, 2022, compared with SAR 11.795 billion a year earlier.

Balance Sheet (B)

Item	9m 2021	9m 2022	Change‬
Assets	98.58	110.28	11.9 %
Customer Deposits	74.26	82.28	10.8 %
Loan	58.44	67.65	15.8 %

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Share Price

Bank Aljazira (BJAZ)

	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)	13.18
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	14.32
P/E (TTM)	13.78
Price/book	1.25
Return on Average Assets (%) (TTM)	0.9
Return on Average Equity (%) (TTM)	9.5

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Bank AlJazira net profit rises 11% to SAR 865.3 mln in 9M 2022; Q3 at SAR 232.7 mln

Financials (M)

Current Quarter Comparison (M)

Balance Sheet (B)

View other reports

Share Price

Bank Aljazira (BJAZ)

Financial Ratios

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