Bank AlJazira announces the interim financial results for the period ended on 30-06-2017 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 220 | 178 | 23.6 | 216 | 1.85 |
| Total profit (loss) operation income Investments | 659 | 580 | 13.62 | 630 | 4.6 |
| Net profit (loss) special commission income Investments | 453 | 385 | 17.66 | 434 | 4.38 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 436 | 559 | -22 |
| Total profit (loss) operation income Investments | 1,288 | 1,353 | -4.8 |
| Net profit (loss) special commission income Investments | 887 | 755 | 17.48 |
| Earning or loss per share, Riyals | 0.84 | 1.07 | - |
| Total Assets | 67,004 | 68,267 | -1.85 |
| Investments | 17,337 | 16,434 | 5.49 |
| Loans and advances portfolio | 40,971 | 44,212 | -7.33 |
| Customer deposit | 49,170 | 50,730 | -3.08 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | Net income has increased by 24% mainly due to increase in operating income by 14%. This is mainly due to increase in net special commission income, net exchange income and net banking fees, against decrease in net trading income and other operating income. For operating expenses there is an increase of 9% mainly due to increase in the net impairment charge for credit losses, other general and administrative expenses, rent and premises related expenses and depreciation and amortization expense against a decrease in salaries and employee-related expenses. |
| Reasons of increase (decrease) for period compared with same period last year | Net income has decreased by 22% mainly due to decrease in operating income by 5%. This was mainly due to the fact that in comparative period income was higher as result of sale of land owned by the bank which resulted in gain amounting to SR 209 million, in addition there is also a decrease in other operating income, offset by increase in net special commission income, net exchange income, net banking fees and trading income. Also, operating expenses increased by 7% mainly due to increase in the net impairment charge for credit losses, rent and premises related expenses and depreciation and amortization expenses. |
| Reason of increase (decrease) for quarter compared with the previous quarter | Net income has increased by 2% mainly due to an increase in operating Income by 5%. The increase in operating income is mainly attributable to an increase in net special commission income, net exchange income and net banking fees against a decrease in other operating income. For operating expenses, there is an increase by 6% mainly due to increase in net impairment charge for credit losses, other general and administrative expenses and depreciation and amortization expenses against a decrease in salaries and employee-related expenses. |
| Reclassifications in quarterly financial results | Some items have been re-classified |
| Other notes | 1- Total Special commission income during current quarter is SR 612 million, compared to SR 577 million in similar quarter for previous year, an increase of 6%. 2- Total Special commission income during current period is SR 1,225 million, compared to SR 1,093 million in similar period for previous year, an increase of 12%. 3- Total comprehensive income for the six months period ended 30 June 2017 was SR 437 million as compared to SR 399 million in comparative period, an increase of 9%. Total comprehensive income for the current quarter was SR 205 million compared to SAR 109 million in similar quarter for previous year, an increase of 88%.And as compared to SR 231 million in the previous quarter with a decrease of 11%. 4- Total equity (there is no minority interest) as of end the current period is SR 8,330 million, compared to SR 7,707 million in similar period for previous year. An increase of 8%. 5-Earnings per share for the comparative periods has been recalculated to reflect the increase in the banks capital from 400 million shares to 520 million shares due to issue of bonus shares in the ratio of three shares for every ten shares as approved in the Extra Ordinary General Assembly meeting held on 10 April 2017. |
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