Riyadh – Mubasher: Bank AlJazira on Wednesday posted a 12% year-on-year profit rise during the third quarter of 2018.

The Saudi lender generated a profit of SAR 255.1 million ($68.01 million) during Q3-18, up from SAR 227.6 million ($60.68 million) in Q3-17, according to a bourse statement.

The bank ascribed the third-quarter profit growth to a 4% decline in operating expenses, coupled with a 1% hike in operating income.

Total revenues for special commissions and investments levelled up 11% to SAR 702.8 million during Q3-18, compared to SAR 632.9 million in the year-ago period.

Year-on-year, net income for special commissions and investments increased by 3.6% to SAR 487.2 million during the three-month period ended September, from SAR 470.1 million. Total operating profits rose slightly by 1.4% to SAR 679.2 million, compared to SAR 669.2 million.

Quarter-on-quarter, the Saudi lender's profits edged up 0.67% year-on-year in the July-September period of 2018, from SAR 253.4 million.

From January to September 2018, Bank AlJazira’s net profits went up 14% to SAR 753.8 million, from SAR 663.8 million in the prior year period.

The Tadawul-listed bank attributed the nine-month profit growth to a 5% increase in operating income.

Total revenues for special commissions and investments went up 7.6% to SAR 1.99 billion by the end of September, compared to SAR 1.86 billion.

Net income for special commissions and investments rose 6.1% to SAR 1.44 billion in 9M 2018, against SAR 1.36 billion in the year before period. 

Total operating profits increased by 4.8% to SAR 2.02 billion in the January-September period of 2018, compared to SAR 1.93 billion in the corresponding period of 2017, while total shareholders’ equity, excluding the minority interest, surged 35.3% to SAR 11.6 million, from SAR 8.60 million.

Bank AlJazira’s assets amounted to SAR 71.7 million from January to September 2018, versus SAR 67.5 million.

By 10:22 am Saudi time, Bank AlJazira’s stock rose 0.56% to SAR 14.40.