Riyadh – Mubasher: Bank AlJazira on Wednesday reported positive results for the first quarter of 2018 on the back of higher operating income.

The bank logged SAR 245.3 million ($65.40 million) in profits for the first three months of the year, a 13.56% rise from SAR 216 million ($57.59 million) in the year-ago period.

Quarter-on-quarter, Bank AlJazira’s profits grew 26.57% from SAR 193.8 million, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi bank’s positive results were attributed to an increase in operating income following a rise in net special commission income, net exchange income, and net trading income against a decrease in net banking fee, the statement showed.

Total operating income amounted to SAR 657.8 million in Q1-18, up 6.56% from SAR 617.3 million, while special commission income increased 7.44% to SAR 466.3 million in Q1-18 from SAR 434 million a year ago.

Earnings per share (EPS) stood at SAR 0.47 for the period between January and March from SAR 0.42 in Q1-17.

Bank AlJazira’s operating expenses grew 3% year-on-year in Q1-18 following a rise in other general and administrative expenses, salaries, and employee-related expenses, other operating expenses and depreciation and amortisation expenses against a decrease in the net impairment charge for credit losses, the bank stated.

Bank AlJazira’s stock closed Wednesday down 2.79% to SAR 13.30.