Financial Results : Bank AlJazira profit falls 8% to SAR 1.02B in 2023, reaches SAR 279.3M in Q4

Bank AlJazira profit falls 8% to SAR 1.02B in 2023, reaches SAR 279.3M in Q4

05/02/2024 Argaam Exclusive

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Bank AlJazira reported a net profit of SAR 1.02 billion for the twelve months ended Dec. 31, 2023, a decline of 8% compared to SAR 1.10 billion for the year-earlier period.



Financials (M)

Item 2022 2023 Change‬
Net Special Commission Income 2,607.38 2,374.80 (8.9 %)
Operating Income 3,442.51 3,315.30 (3.7 %)
Total Provisions (286.32) (229.06) 20.0 %
Net Income 1,109.09 1,019.97 (8.0 %)
Average Shares 1,025.00 1,025.00 -
EPS (Riyals) 1.08 1.00 (8.0 %)
EPS Diluted (Riyals) 1.01 0.86 (14.5 %)

The net income drop was mainly ascribed to a 5% decrease year-on-year (YoY) in operating income on lower net financing and investment income, net gains on FVIS financial instruments, and other operating income.

 

Net financing and investment income fell 9% YoY mainly due to an increase in return on deposits and financial liabilities by 197%.

 

Meanwhile, income from investments and financing increased by 60% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Net Special Commission Income 593.07 642.82 8.4 %
Operating Income 819.70 886.46 8.1 %
Debt Provisions (50.20) (68.12) (35.7 %)
Net Income 243.75 279.29 14.6 %
Average Shares 1,025.00 1,025.00 -
EPS (Riyals) 0.24 0.27 14.6 %
EPS Diluted (Riyal) 0.20 0.18 (12.0 %)

Balance Sheet (B)

Item 2022 2023 Change‬
Assets 115.85 129.55 11.8 %
Customer Deposits 86.02 94.05 9.3 %
Loan 70.60 80.78 14.4 %

Q4 2023 net profit reached SAR 279.3 million, an increase of 15% YoY from SAR 243.75 million in Q4 2022.

 

On a quarterly basis, net profit inched up 1.2% from SAR 276.04 million.

 

Total shareholders’ equity, no minority interest and after deducting sukuk, stood at SAR 12.54 billion by Dec. 31, 2023, compared to SAR 11.73 billion in the prior-year period.

 

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