Bank AlJazira’s Q2 net profit up 29% to SR 167 million

Updated 13 July 2013
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Bank AlJazira’s Q2 net profit up 29% to SR 167 million

Bank AlJazira's net profit for the second quarter (Q2) amounts to SR 167 million compared with SR 129 million for the same quarter last year, which reflects a 29 percent increase. Compared to the previous quarter results with a net income of SR 144 million, it reflects an increase of 16 percent in the current period, according to the announcement of its financial results for the period ended June 30, 2013.
The bank's total operating income during the second quarter was SR 448 million, compared with SR 409 million for the same quarter in the previous year, marking an increase of 10 percent.
Its net special commission income during the second quarter was SR 302 million compared with SR 241 million for the same quarter in the previous year, an increase of 25 percent.
Net profit during the six months amounts to SR 312 million compared with SR 272 million for the same period last year, a 15 percent increase.
Earnings per share during the six months were SR 1.04 per share versus SR 0.91 per share for the same period in the previous year.
The total operating income during six months was SR 891 million compared with SR 834 million for the same period in the previous year, reflecting an increase of 7 percent.
Net special commission income during six months was SR 568 million, compared with SR 460 million for the same period in the previous year, an increase of 23 percent.
The bank's total assets as of June 30, 2013 were SR 56.22 billion against SR 47.12 billion for the same period in the previous year, which reflects an increase of 19 percent. Total investments as of June 30, 2013 were SR 9.86 billion compared to SR 8.72 billion for the same period last year, an increase of 13 percent.
Total loans and advances portfolio as of June 30, 2013 amounted to SR 33.31 billion against SR 27.23 billion for the same period in the previous year, an increase of 22 percent. Total customer deposits as of June 30, 2013 amounted to SR 45.16 billion compared to SR 37.25 billion for the same period in the previous year, an increase of 21 percent.
The bank stated that the increase in the net income during the second quarter of 2013 compared with the same period in the previous year is mainly due to the growth in core banking activities and increase in operating income; the increase in the net income during the current period compared with the same period in the previous year is mainly due to the growth in core banking activities and increase in operating income; and the increase in the net income during the current quarter of 2013 compared with the last quarter in the current year is mainly due to the growth in core banking activities and increase in operating income.


Britain’s M&S says must accelerate change or die

Updated 23 May 2018
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Britain’s M&S says must accelerate change or die

LONDON: Britain’s Marks & Spencer said on Wednesday it urgently had to modernize or risk fading away as it reported a second straight decline in annual profit and booked a 321 million pounds ($430 million) charge for a store closure program.
The 134-year-old M&S faces unrelenting competition from supermarkets, fashion chains like Zara, H&M and Primark, as well as online giant Amazon, while efforts to revitalize its business are being hampered by ongoing pressure on UK consumers’ spending power.
M&S reset its strategy in November, two months after retail veteran Archie Norman joined as chairman, detailing a five-year program of store closures and relocations, and moves to make its misfiring food business more competitive.
On Tuesday M&S said it would close 100 UK stores by 2022, further accelerating the plan as it strives to make at least a third of sales online.
M&S, one of the best known names in British retail, said it made a pretax profit before one-off items of 580.9 million pounds ($778.6 million) in the year to March 31.
That was ahead of analysts’ average forecast of 573 million pounds but down from 613.8 million pounds made in 2016-17.
After taking account of adjusted items of 514.1 million pounds, including the charge relating to store closures, pretax profit was 66.8 million pounds, a 62 percent fall.
Turnover was broadly flat at 10.7 billion pounds.
“We have to modernize our business to ensure we are competitive and reignite our culture. Accelerated change is the only option,” said M&S.
Shares in M&S have fallen 26 percent over the last year and the firm is in danger of being booted out of the prestigious FTSE 100 index.
The stock closed Tuesday at 292 pence, valuing the business at 4.7 billion pounds.