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Bank AlJazira announces its Interim Financial Results for the Period Ended on 30-06-2020 ( Six Months )

BJAZ 1020 2.81% 16.82 0.46
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Total Revenue from Special Commissions/Financing & Investments 794.4 769.4 3.249 805.4 -1.365
Net Income from Special Commissions/Financing & Investments 596.7 502.2 18.817 545.1 9.466
Total Operation Profit (Loss) 789.4 714.4 10.498 768.9 2.666
Net Profit (Loss) before Zakat and Income Tax 198.7 280.4 -29.136 216.6 -8.264
Net Profit (Loss) 165.8 251.8 -34.154 181.6 -8.7
Total Comprehensive Income 211.6 226.3 -6.495 81.2 160.591
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Total Revenue from Special Commissions/Financing & Investments 1,599.8 1,519.3 5.298
Net Income from Special Commissions/Financing & Investments 1,141.8 991.4 15.17
Total Operation Profit (Loss) 1,558.3 1,410.2 10.502
Net Profit (Loss) before Zakat and Income Tax 415.4 543.7 -23.597
Net Profit (Loss) 347.4 486.8 -28.635
Total Comprehensive Income 292.8 477.1 -38.629
Total Share Holders Equity (after Deducting Minority Equity) 11,636 11,312 2.864
Assets 91,869 77,015 19.287
Investments 29,631 25,985 14.031
Loans and Advances Portfolio (Financing & Investment) 53,756 43,599 23.296
Customer Deposits 63,657 55,683 14.32
Profit (Loss) per Share 0.42 0.59
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to Net income has decreased by 34% due to an increase in operating expenses by 36%. The increase in operating expenses is mainly due to an increase in net impairment charge for credit losses, salaries and employee-related expenses and depreciation and amortization expenses against a decrease in other operating expenses, other general and administrative expenses and rent and premises related expenses. For operating income there is an increase by 10%. This is mainly attributable to an increase in net special commission income, other operating income, net exchange income, net gain on FVIS financial instruments and net gains on derecognition of financial assets measured at FVOCI against a decrease in net banking fee.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Net income has decreased by 9% due to an increase in operating expenses by 7%. The increase in operating expenses is mainly due to an increase in net impairment charge for credit losses against a decrease in other general and administrative expenses, salaries and employee-related expenses and other operating expenses. For operating income there is an increase by 3%. This is mainly attributable to an increase in net special commission income, other operating income, net exchange income and net gain on FVIS financial instruments against a decrease in net banking fee.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to Net income has decreased by 29% due to an increase in operating expenses by 32%. The increase in operating expenses is mainly due to an increase in net impairment charge for credit losses, salaries and employee-related expenses, other general and administrative expenses and depreciation and amortization expenses against a decrease in other operating expenses and rent and premises related expenses. For operating income there is an increase by 11%. This is mainly attributable to an increase in net special commission income, other operating income, net exchange income and net gains on derecognition of financial assets measured at FVOCI against a decrease in net banking fee and net gains on derecognition of financial assets measured at amortised cost.
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None
Reclassification of Comparison Items Some items have been re-classified to conform to current period presentation.
Additional Information 1- Net impairment charge for credit losses for current quarter is SR 173 million as compared to SR 13 million in similar quarter of previous year, an increase of 1249%. And as compared to SR 122 million in the previous quarter with an increase of 42%.

2- Net impairment charge for credit losses for current period is SR 295 million as compared to SR 39 million in similar period of previous year, an increase of 660%.

3- Earnings per share for the current and prior periods have been calculated based on net income for the period after Zakat and income tax.

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