Bank Aljazira’s net profit rises over twofold in FY19

04/02/2020 Argaam Exclusive

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Bank Aljazira’s net profit more than doubled year-on-year (YoY) to SAR 991 million for the fiscal year 2019, on lower Zakat charges and higher operating income.

Financials (M)

Item	2018	2019	Change‬
Net Special Commission Income	1,904.03	2,052.16	7.8 %
Operating Income	2,664.75	2,977.16	11.7 %
Total Provisions	(106.80)	(156.95)	(47.0 %)
Net Income	378.28	991.02	162.0 %
Average Shares	1,025.00	1,025.00	-
EPS (Riyals)	0.37	0.97	162.0 %

The increase in operating income was attributed to higher net special commission income, net gain on the de-recognition of financial assets measured at amortized cost, net banking fees, net exchange income, net gain on FVIS financial instruments, among others.

In Q4 2019, net profit stood at SAR 247.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Net Special Commission Income	487.98	543.14	11.3 %
Operating Income	680.59	817.31	20.1 %
Debt Provisions	(27.88)	(77.78)	(179.0 %)
Net Income	(349.84)	247.33	170.7 %
Average Shares	1,025.00	1,025.00	-
EPS (Riyals)	(0.34)	0.24	170.7 %

Item	Q3 2019	Q4 2019	Change‬
Net Special Commission Income	517.66	543.14	4.9 %
Operating Income	749.62	817.31	9.0 %
Debt Provisions	(40.35)	(77.78)	(92.8 %)
Net Income	256.87	247.33	(3.7 %)
Average Shares	1,025.00	1,025.00	-
EPS (Riyals)	0.25	0.24	(3.7 %)

Balance Sheet (B)

Item	2018	2019	Change‬
Assets	73.00	86.54	18.5 %
Customer Deposits	51.80	62.70	21.0 %
Loan	40.90	49.66	21.4 %

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