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



RIYADH: ARAB NEWS

Published — Saturday 13 July 2013

Last update 13 July 2013 5:33 am

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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.

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