Bank AlJazira net profit jumps 47% to SAR 777.3 mln in 9M 2021

Bank AlJazira reported a net profit of SAR 777.3 million for the first nine months of 2021, a rise of 47% from SAR 529 million a year earlier.

The profit rise was fueled by a 12% rise year-on-year (YoY) in operating income and booking gains on deemed disposal of an associated company. The increase in operating income was mainly attributed to higher net financing and investment income, net fees from banking services and net gains on derecognition of financial assets measured at amortised cost against a decrease in net exchange income, other operating incom

In Q3 2021, net profit rose 13% to SAR 204.5 million from SAR 181.6 million a year earlier. The rise was backed by an 8% YoY increase in operating income and the booking of gains on deemed disposal of an associated company.

The increase in operating income is mainly due to an increase in net fees from banking services, net financing and investment income and net gains on derecognition of financial assets measured at fair value through other comprehensive income (FVOCI) against a decrease in net exchange income, other operating income and net gain on FVIS financial instruments.

On a sequential basis, net profit dropped 18.6% from SAR 251.2 million amid higher operating expenses and absence of a one-time gain on deemed disposal of an associated company that was recorded in previous quarter.

Total shareholders’ equity, excluding minority interests, stood at SAR 13.670 billion as of Sept. 30, 2021, growing by 15.8% from SAR 11.802 billion a year earlier.

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