Bank AlJazira Q1 2023 net profit dips 46% to SAR 204 mln

Bank AlJazira’s net profit slumped 46% to SAR 204 million in Q1 2023, from SAR 374.9 million a year earlier.

The profit decline was attributed to a 21% year-on-year (YoY) decrease in operating income, mainly on lower net financing and investment income, other operating income, net gains on derecognition of financial assets at amortized cost, net gains on FVIS financial instruments and net fees from banking services.

This was despite a YoY increase in dividend income and net exchange income.

On the other hand, gross operating expenses fell by 6% YoY. This was mainly due to a decrease in net credit loss provision, as well as depreciation and amortization expenses against an increase in salaries and employee-related expenses.

Sequentially, the bank’s net profit fell 16.3% from SAR 243.75 million in Q4 2022.

Total shareholders’ equity, no minority interest and excluding sukuk, stood at SAR 12.09 billion as of March 31, 2023, compared to SAR 11.92 billion a year earlier.

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