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Bank AlJazira Q1-20 profits down 23% on higher expenses

Bank AlJazira Q1-20 profits down 23% on higher expenses
The bank achieved a profit of SAR 181.6 million in the first quarter of 2020
BJAZ
1020
-0.67% 11.84 -0.08

Riyadh – Mubasher: Bank AlJazira has reported a net profit of SAR 181.6 million during the first quarter (Q1) of 2020, posting a 22.7% decline compared with a profit of SAR 235 million for the same quarter of the year before.

The bank attributed the decrease in earnings to a rise in operating expenses by 28%, resulting from higher net impairment charge for credit losses, salaries and employee-related expenses, other general and administrative costs, as well as depreciation and amortization expenses.

The increase in expenses was despite a decrease in rent and premises-related expenses and other operating expenses, according to a statement to the Saudi Stock Exchange (Tadawul).

Profit per share fell to SAR 0.22, down from SAR 0.29 in Q1-19.

The bank’s operating income grew by 10.5% to SAR 768.9 million, up from SAR 695.8 million in the corresponding period a year ago, mainly due to an 11.5% growth in net special commission income.