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

01/11/2020 Argaam Exclusive

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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 %)

Item	Q2 2020	Q3 2020	Change‬
Net Special Commission Income	596.66	616.78	3.4 %
Operating Income	789.41	811.90	2.8 %
Debt Provisions	(173.04)	(180.08)	(4.1 %)
Net Income	165.77	181.63	9.6 %
Average Shares	1,025.00	1,025.00	-
EPS (Riyals)	0.16	0.18	9.6 %
EPS Diluted (Riyal)	0.16	0.18	12.5 %

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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