Bank AlJazira profit up 21% to SAR 1.23B in 2024; Q4 at SAR 280.3M

Bank AlJazira reported a net profit of SAR 1.23 billion for 2024, a rise of 21% from SAR 1.02 billion for the year-earlier period.

The profit increase is driven by an 11% year-on-year (YoY) increase in net financing and investment income, along with higher net fees from banking services, net gains on FVIS financial instruments, other operating income, dividend income and net exchange income. Meanwhile, the bank noted a decrease in net gains on derecognition of financial assets at amortized cost.

Net impairment charge for financing and other financial assets increased by 39% mainly due to higher provisioning requirements for commercial financing. On the other hand, there was an impairment reversal of SAR 42.6 million for other real estate.

Meanwhile, return on deposits and financial liabilities rose 37%.

In contrast, total operating expenses increased by 10% and Zakat charges rose.

Q4 2024 net profit reached SAR 280.3 million, an increase of 0.4% year-on-year (YoY) from SAR 279.29 million.

On a quarterly basis, net profit fell 15.8% from SAR 332.72 million.

Total shareholders’ equity, no minority interest and after deducting sukuk, stood at SAR 13.32 billion by Dec. 31, 2024, compared to SAR 12.54 billion in the prior-year period.

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