Bank AlJazira’s H1 2022 profit rises 11% to SAR 632.7 mln; Q2 up 3% to SAR 257.8 mln

01/08/2022 Argaam Exclusive

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Bank AlJazira reported a net profit of SAR 632.7 million in the first six months of 2022, a jump of 11%, compared to SAR 572.8 million in the year-earlier period.

During the six-month period, the bank’s total operating expenses dropped by 8% due to lower net impairment charge for financing and other financial assets. H1 2022 operating income grew 1%, mainly due to an increase in other operating income, net financing and investment income, net gains on FVIS financial instruments, net exchange income and dividend income.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Net Special Commission Income	1,275.29	1,359.98	6.6 %
Operating Income	1,773.88	1,741.68	(1.8 %)
Total Provisions	(310.75)	(133.60)	57.0 %
Net Income	572.75	632.67	10.5 %
Average Shares	1,025.00	1,025.00	-
EPS (Riyals)	0.56	0.62	10.5 %
EPS Diluted (Riyals)	0.56	0.58	3.4 %

The bank’s Q2 2022 net profit increased by 2.6% year-on-year (YoY) to SAR 257.8 million, on 14% lower total operating expenses, due to decreased net impairment charge for financing and other financial assets. This was partially offset by 3% lower operating income and a decrease in net financing and investment income.

On a sequential basis, net profit dropped 31.2% from SAR 374.85 million in Q1 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Net Special Commission Income	631.51	631.38	0.0 %
Operating Income	828.44	806.92	(2.6 %)
Debt Provisions	(157.94)	(39.58)	74.9 %
Net Income	251.16	257.82	2.7 %
Average Shares	1,025.00	1,025.00	-
EPS (Riyals)	0.25	0.25	2.7 %
EPS Diluted (Riyal)	0.25	0.23	(6.8 %)

Item	Q1 2022	Q2 2022	Change‬
Net Special Commission Income	728.60	631.38	(13.3 %)
Operating Income	934.76	806.92	(13.7 %)
Debt Provisions	(94.01)	(39.58)	57.9 %
Net Income	374.85	257.82	(31.2 %)
Average Shares	1,025.00	1,025.00	-
EPS (Riyals)	0.37	0.25	(31.2 %)
EPS Diluted (Riyal)	0.35	0.23	(32.9 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 13.913 billion by the end of H1 2022, compared to SAR 13.809 billion in a year earlier.

Balance Sheet (B)

Item	6m 2021	6m 2022	Change‬
Assets	95.90	114.65	19.6 %
Customer Deposits	70.69	86.58	22.5 %
Loan	56.90	65.57	15.2 %

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