Riyadh – Mubasher: Saudi Arabia-based Bank AlJazira on Sunday stated that its net profits levelled up 27.6% in the fourth quarter of 2017, compared to the year-ago period.

The bank’s net profit increased to SAR 194 million during Q4-17, from SAR 152 million in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits retreated 14.9%.

Bank AlJazira attributed the year-on-year growth in net profits to a 12% increase in operating income backed by a rise in net special commission income and net exchange income.

The Saudi lender’s net profits went down 1.6% to SAR 858 million during 2017, compared to SAR 872 million the year before.

Total special commission income stood at SAR 889 million in Q4-17 versus SAR 940 million in the same period the prior year.

The bank’s total special commission income grew 4% to SAR 2.76 billion during 2017, from SAR 2.66 billion in a year earlier.

Bank AlJazira’s stock fell 1.2%, closing Sunday at SAR 14.33.