Bank AlJazira announces its Interim Financial Results for the Period Ended on 30-06-2022 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total income from Special Commissions/Financing & Investments | 817.1 | 722.6 | 13.08 | 821.4 | -0.52 |
| Net Income from Special Commissions/Financing & Investments | 596.1 | 631.5 | -5.61 | 700.7 | -14.93 |
| Total Operation Profit (Loss) | 806.9 | 828.4 | -2.6 | 986.2 | -18.18 |
| Net Profit (Loss) before Zakat and Income Tax | 295.8 | 276.9 | 6.83 | 417.5 | -29.15 |
| Net Profit (Loss) | 257.8 | 251.2 | 2.63 | 374.9 | -31.23 |
| Total Comprehensive Income | 75.7 | 217.3 | -65.16 | 269.4 | -71.9 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total income from Special Commissions/Financing & Investments | 1,638.6 | 1,459.7 | 12.26 |
| Net Income from Special Commissions/Financing & Investments | 1,296.9 | 1,275.3 | 1.69 |
| Total Operation Profit (Loss) | 1,793.1 | 1,773.9 | 1.08 |
| Net Profit (Loss) before Zakat and Income Tax | 713.2 | 640.5 | 11.35 |
| Net Profit (Loss) | 632.7 | 572.8 | 10.46 |
| Total Comprehensive Income | 345.1 | 579 | -40.4 |
| Total Share Holders Equity (after Deducting Minority Equity) | 13,913 | 13,809 | 0.75 |
| Assets | 114,711 | 95,896 | 19.62 |
| Investments | 32,041 | 30,574 | 4.8 |
| Loans and Advances Portfolio (Financing & Investment) | 65,636 | 56,901 | 15.35 |
| Clients' deposits | 86,584 | 70,691 | 22.48 |
| Profit (Loss) per Share | 0.72 | 0.7 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net income has increased by 3% mainly due to a decrease in total operating expenses by 14%. The reduction in total operating expenses is mainly due to a decrease in net impairment charge for financing and other financial assets against an increase in other general and administrative expenses, depreciation and amortization expenses, salaries and employee-related expenses and rent and premises-related expenses. This was partially offset by absence of a one-time gain on deemed disposal of an associated company and a decrease in operating income by 3%, mainly due to a decrease in net financing and investment income, net fees from banking services and net gains on derecognition of financial assets at FVOCI against an increase in net gains on FVIS financial instruments and net exchange income. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | Net income has decreased by 31% mainly due to a decrease in operating income by 18%. The decrease in operating income is mainly due to a decrease in net financing and investment income, other operating income, net gains on derecognition of financial assets at amortised cost, net fees from banking services and net gains on derecognition of financial assets at FVOCI against an increase in net gains on FVIS financial instruments and net exchange income. On the other hand, total operating expenses have decreased by 10% mainly due to a decrease in net impairment charge for financing and other financial assets, salaries and employee-related expenses, other general and administrative expenses and depreciation and amortization expenses against an increase in other operating expenses. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net income has increased by 10% mainly due to a decrease in total operating expenses by 8%. The reduction in total operating expenses is mainly due to a decrease in net impairment charge for financing and other financial assets and other operating expenses against an increase in other general and administrative expenses and salaries and employee-related expenses. Also, there is an increase in operating income by 1%, mainly due to an increase in other operating income, net financing and investment income, net gains on FVIS financial instruments, net exchange income and dividend income against a decrease in net gains on derecognition of financial assets at amortised cost and net fees from banking services. On the other hand, this was partially offset by absence of a one-time gain on deemed disposal of an associated company and higher zakat charge. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| 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 financing and other financial assets for current quarter is SR 39.6 million as compared to SR 157.9 million in similar quarter of previous year, a decrease of 75%. And as compared to SR 94.0 million in the previous quarter with a decrease of 58%.
2- Net Impairment charge for financing and other financial assets for current period is SR 133.6 million as compared to SR 310.8 million in same period of previous year with a decrease of 57%.
3- Earnings per share for the current and prior period have been calculated by dividing net income for the period after Zakat and income tax (adjusted for Tier 1 Sukuk costs) by the weighted average number of shares outstanding i.e. 820 million shares.
4- During Q2 2021, the Bank issued Tier 1 Sukuk amounting to SAR 1.875 billion (denominated in US Dollars) which is included as a part of total Equity. |
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