Riyadh – Mubasher: Bank Aljazira disclosed its interim financial results for the third quarter of 2019.

Net profits increased by 3.8% to SAR 256.9 million in Q3-19, compared to SAR 247.4 million in Q3-18, according to a bourse filing on Wednesday.

The rise in profits was attributed to the increase in operating income by 13%.

“The increase in operating income is mainly attributable to an increase in net special commission income, gain on non-trading investments, net banking fee, net exchange income, net gain on financial instruments at fair value through the income statement and other operating income,” the bank said.

Total revenues of the Saudi lender jumped by 14.7% year-on-year to SAR 796.4 million during the three-month period between July and September.

For the first nine months of 2019, net profits of Bank Aljazira went up by 2.1% to SAR 743.7 million, versus SAR 728.1 million in the same period a year ago.

The bank generated SAR 2.3 billion in revenues by the end of September, up 17.3% from SAR 1.9 billion in September 2018.

Total assets of the Saudi-based bank reached SAR 80.6 billion in nine months, while investments recorded SAR 27.5 billion over the same period.

By the end of September, profit per share stood at SAR 0.91, against SAR 0.99 the corresponding period last year.