Bank AlJazira profit down 14% to SAR 740.7 mln in 9M 2023; Q3 at SAR 276 mln

Bank AlJazira reported a net profit of SAR 740.7 million for the first nine months of 2023, a decline of 14% from SAR 865.3 million a year earlier. 

The decline was mainly due to a 9% decrease in operating income on lower net financing and investment income, net gains on FVIS financial instruments, and other operating income.

This was in addition to a decrease in net gains on derecognition of financial assets at amortized cost and net gains on derecognition of financial assets at FVOCI against an increase in dividend income, net fees from banking services, and net exchange income.

Total operating expenses also declined by 6%, mainly due to a decrease in the net impairment charge for financing and other financial assets, other operating expenses, other general, administrative, depreciation, amortization, rent, and premises-related expenses, against an increase in salaries and employee-related expenses.

In Q3 2023, net profit rose 19% to SAR 276 million from SAR 232.67 million a year earlier, mainly due to an 11% decrease in operating expenses.

On a sequential basis, net profit rose 5.9% from SAR 260.61 million.

Total shareholders’ equity, no minority interest after excluding sukuk, stood at SAR 12.45 billion as of Sept. 30, 2023, compared with SAR 11.73 billion a year earlier.

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