Bank AlJazira announces the interim financial results for the period ended on 30-09-2017 (Nine Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 228 | 161 | 41.61 | 220 | 3.64 |
| Total profit (loss) operation income Investments | 685 | 575 | 19.13 | 659 | 3.95 |
| Net profit (loss) special commission income Investments | 470 | 407 | 15.48 | 453 | 3.75 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 664 | 720 | -7.78 |
| Total profit (loss) operation income Investments | 1,973 | 1,928 | 2.33 |
| Net profit (loss) special commission income Investments | 1,358 | 1,162 | 16.87 |
| Earning or loss per share, Riyals | 1.28 | 1.38 | - |
| Total Assets | 67,528 | 65,952 | 2.39 |
| Investments | 20,401 | 16,474 | 23.84 |
| Loans and advances portfolio | 40,926 | 43,195 | -5.25 |
| Customer deposit | 49,676 | 50,335 | -1.31 |
| 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 42% mainly due to increase in operating income by 19%. This is mainly due to increase in net special commission income, net banking fees, net exchange income and net trading income. For operating expenses there is an increase of 10% mainly due to increase in the 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 and rent and premises related expenses. |
| Reasons of increase (decrease) for period compared with same period last year | Net income has decreased by 8% mainly due to the fact that in comparative period income was higher as a result of sale of land owned by the Bank which resulted in a gain amounting to SR 209 million. Furthermore operating expenses have also increased by 8% 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 expenses against a decrease in salaries and employee-related expenses. On the other hand total operating income has increased by 2% after considering the decline in gain on sale of other real estate mainly due to increase in net special commission income, net exchange income, net banking fees and net trading income. |
| Reason of increase (decrease) for quarter compared with the previous quarter | Net income has increased by 3% mainly due to an increase in operating Income by 4%. The increase in operating income is mainly attributable to an increase in net special commission income, net exchange income and net trading income against a decrease in net banking fees. For operating expenses, there is an increase of 4% mainly due to increase in net impairment charge for credit losses and other general and administrative expenses against a decrease in salaries and employee-related expenses and rent and premises 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 633 million compared to SR 623 million in similar quarter of previous year, an increase of 2%. 2- Total Special commission income during current period is SR 1,858 million compared to SR 1,716 million in similar period of previous year, an increase of 8%. 3- Total comprehensive income for the nine months period ended 30 September 2017 is SR 722 million as compared to SR 497 million in comparative period, an increase of 45%. Total comprehensive income for the current quarter is SR 285 million compared to SAR 98 million in similar quarter of previous year, an increase of 192%. And as compared to SR 205 million in the previous quarter with an increase of 39%. 4- Total equity (there is no minority interest) as of end of the current period is SR 8,607 million compared to SR 7,802 million at the end of similar period of previous year. An increase of 10%. 5-Earnings per share for the comparative periods has been recalculated to reflect the increase in the Bank 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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