Riyadh – Mubasher: Bank AlJazira reported a 34.15% decline in net profits during the second quarter (Q2) of 2020 to SAR 165.8 million, from SAR 251.8 million in Q2-19.

Quarterly revenues increased by 3.25% year-on-year (YoY) to 794.4 billion, as shown by the company’s interim financial results.

The bank attributed the decline in profits to its net income decreasing by 34% due to an increase in operating expenses by 36%, according to a statement to the Saudi Stock Exchange (Tadawul).

For the first half (H1) of the year, the net profit plunged by 28.64% to SAR 347.4 million.