Bank AlJazira's 2012 profits up 65%

Updated 17 January 2013

Bank AlJazira's 2012 profits up 65%

Bank AlJazira's net income for Q4, 2012 amounted to SR 98 million, a decrease of 11 percent compared to SR110 million for Q4, 2011 and a decrease of 25 percent compared to SR130 million for Q3, 2012, according to the annual financial results of the bank for the year ended Dec. 31, 2012.
The other highlights of the bank's financial results are:
Total operating income for Q4, 2012 amounted to SR372 million, an increase of 13 prcent compared to SR330 million for Q4, 2011.
Net Special commission income for Q4, 2012 amounted to SR247 million, an increase of 25 percent compared to SR197 million for Q4, 2011. Net income during 12 months of 2012 amounted to SR501 million, an increase of 65 percent compared to SR303 million for the same period last year.
The earnings per share for the twelve months of 2012 amounted to SR1.67 compared to SR1.01 for the same period last year.
Total operating income during 12 months of 2012 amounted to SR1.60 billion, an increase of 33 percent compared to SR1.21 billion for the same period last year.
Net Special commission income during 12 months of 2012 amounted to SR951 million, an increase of 22 percent compared to SR781 million for the same period last year.
Total Assets increased by 31 percent and amounted to SR50.96 billion as at Dec. 31, 2012 compared to SR38.90 billion as at Dec. 31, 2011. Investments increased by 69 percent and amounted to SR9.10 billion as of Dec. 31, 2012 compared to SR5.40 billion as at Dec. 31, 2011.
The loans and advances portfolio increased by 28 percent to reach SR29.90 billion as at Dec. 31, 2012 compared to SR 23.31 billion as at Dec. 31, 2011. Customers' deposits increased by 31 percent to reach SR40.68 billion as at Dec. 31, 2012 compared to SR31.16 billion as at Dec. 31, 2011.
The reason for the decrease in net profit during the present quarter compared to the identical quarter of last year is due to the increase of operating expenses.
The reason for increase in net profit during the present period compared to the identical period of last year is due to the increase in operating income.
The reason for the decrease in net profit during the present quarter compared with the previous quarter is due to the increase in operating expenses.


China suspends planned tariffs scheduled for Dec. 15 on some US goods

Updated 11 min 38 sec ago

China suspends planned tariffs scheduled for Dec. 15 on some US goods

  • Chinese tariffs were supposed to target goods ranging from corn and wheat to vehicles and auto parts
  • Beijing agreed to import at least $200 billion in additional US goods and services over the next 2 years
SHANGHAI: China has suspended additional tariffs on some US goods that were meant to be implemented on Dec. 15, the State Council’s customs tariff commission said on Sunday, after the world’s two largest economies agreed a “phase one” trade deal on Friday.
The deal, rumors and leaks over which have gyrated world markets for months, reduces some US tariffs in exchange for what US officials said would be a big jump in Chinese purchases of American farm products and other goods.
China’s retaliatory tariffs, which were due to take effect on Dec. 15, were meant to target goods ranging from corn and wheat to US made vehicles and auto parts.
Other Chinese tariffs that had already been implemented on US goods would be left in place, the commission said in a statement issued on the websites of government departments including China’s finance ministry. “China hopes, on the basis of equality and mutual respect, to work with the United States, to properly resolve each other’s core concerns and promote the stable development of US-China economic and trade relations,” it added.
Beijing has agreed to import at least $200 billion in additional US goods and services over the next two years on top of the amount it purchased in 2017, the top US trade negotiator said Friday.
A statement issued by the United States Trade Representative also on Friday said the United States would leave in place 25% tariffs on $250 billion worth of Chinese goods.