Bank Aljazira announces the interim financial results for the period ended on 30-06-2018 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 253.4 | 220.2 | 15.08 | 245.3 | 3.3 |
| Total profit (loss) operation income Investments | 686.5 | 645.1 | 6.42 | 657.8 | 4.36 |
| Net profit (loss) special commission income Investments | 488 | 453.4 | 7.63 | 466.3 | 4.65 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 498.7 | 436.1 | 14.35 |
| Total profit (loss) operation income Investments | 1,344.3 | 1,262.4 | 6.49 |
| Net profit (loss) special commission income Investments | 954.3 | 887.4 | 7.54 |
| Earning or loss per share, Riyals | 0.72 | 0.77 | - |
| Total Assets | 69,765 | 67,004 | 4.12 |
| Investments | 23,320 | 17,337 | 34.51 |
| Loans and advances portfolio | 39,839 | 40,971 | -2.76 |
| Customer deposit | 47,768 | 49,170 | -2.85 |
| 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 15% mainly due to increase in operating income by 6%. This is mainly due to increase in net special commission income, net exchange income and other operating income against a decrease in net banking fee and net trading income. For operating expenses there is an increase of 2% mainly due to increase in other general and administrative expenses, salaries and employee-related expenses and other operating expenses, against a decrease in net impairment charge for credit losses. |
| Reasons of increase (decrease) for period compared with same period last year | Net income has increased by 14% mainly due to increase in operating income by 6%. This is mainly due to increase in net special commission income, net exchange income and other operating income against a decrease in net banking fee. For operating expenses there is an increase of 2% mainly due to increase in other general and administrative expenses, salaries and employee-related expenses, other operating expenses and depreciation and amortization expenses against a decrease in net impairment charge for credit losses. |
| 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 banking fees, net exchange income and other operating income against a decrease in net trading income. For operating expenses there is an increase of 5% mainly due to increase in net impairment charge for credit losses and other general and administrative expenses against a decrease in other operating expenses. |
| Reclassifications in quarterly financial results | Some items have been re-classified to conform current period presentation. |
| Other notes | 1- Total Special commission income during current quarter is SR 665 million compared to SR 612 million in similar quarter of previous year, an increase of 9%. 2- Total Special commission income during current period is SR 1,296 million compared to SR 1,225 million in similar period of previous year, an increase of 6%. 3- Total comprehensive income for the six months period ended 30 June 2018 is SR 565 million as compared to SR 437 million in comparative period, an increase of 29%. Total comprehensive income for the current quarter is SR 266 million compared to SAR 205 million in similar quarter of previous year, an increase of 30%. And as compared to SR 298 million in the previous quarter with a decrease of 11%. 4- Total equity (there is no minority interest) as of end of the current period is SR 11,394 million compared to SR 8,330 million end of similar period of previous year. An increase of 37%. 5- For calculating earnings per share, weighted average number of ordinary shares have been adjusted to reflect the increase in the Bank capital from 520 million shares to 820 million shares through a right issue at SR 10 per share as approved in the Extra Ordinary General Assembly meeting held on March 19, 2018. Further, comparative periods earnings per share have also been recalculated to reflect the increase in the weighted average number of ordinary shares due to bonus element included in the Right Issue. 6- The External Auditors have reviewed the financial statements and plan to issue an unmodified report. |
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