Bank AlJazira announces its Interim Financial Results for the Period Ended on 30-09-2023 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Income from Special Commissions/Financing & Investments | 1,671 | 980 | 70.51 | 1,500.5 | 11.36 |
| Net Income from Special Commissions/Financing & Investments | 607.8 | 654.3 | -7.11 | 565.6 | 7.46 |
| Total Operation Profit (Loss) | 853.2 | 881.1 | -3.17 | 807.7 | 5.63 |
| Net Profit (Loss) before Zakat and Income Tax | 321.6 | 277.2 | 16.02 | 297.9 | 7.96 |
| Net Profit (Loss) | 276 | 232.7 | 18.61 | 260.6 | 5.91 |
| Total Comprehensive Income | 63 | 88.3 | -28.65 | 342.5 | -81.61 |
| Total Provisions (Reversals) for Expected Credit and Other Losses, net | 48.8 | 102.5 | -52.39 | 52.2 | -6.51 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 487.8 | 503.1 | -3.04 | 463.3 | 5.29 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Income from Special Commissions/Financing & Investments | 4,504.3 | 2,725.1 | 65.29 |
| Net Income from Special Commissions/Financing & Investments | 1,732 | 2,014.3 | -14.01 |
| Total Operation Profit (Loss) | 2,444.8 | 2,674.2 | -8.58 |
| Net Profit (Loss) before Zakat and Income Tax | 869.4 | 990.4 | -12.22 |
| Net Profit (Loss) | 740.7 | 865.3 | -14.4 |
| Total Comprehensive Income | 763.9 | 433.4 | 76.26 |
| Total Share Holders Equity (excluding Non-Controlling Interest) | 16,331 | 13,613 | 19.97 |
| Assets | 129,255 | 110,279 | 17.21 |
| Investments | 36,483 | 33,006 | 10.53 |
| Loans and Advances Portfolio (Financing & Investment) | 79,415 | 67,651 | 17.39 |
| Total Provisions (Reversals) for Expected Credit and Other Losses, net | 160.9 | 236.1 | -31.85 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 1,426 | 1,452 | -1.79 |
| Clients' deposits | 90,647 | 82,280 | 10.17 |
| Profit (Loss) per Share | 0.86 | 1.01 | |
| 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 19% mainly due to a decrease in operating expenses by 11%. The reduction in total operating expenses is mainly due to a decrease in net impairment charge for financing and other financial assets, other operating expenses, other general and administrative expenses and depreciation and amortization expenses against an increase in salaries and employee-related expenses. On the other hand, operating income has declined by 3%, mainly due to a decrease in net financing and investment income, net gains on FVIS financial instruments, net exchange income and net gains on derecognition of financial assets at FVOCI against an increase in net fees from banking services, other operating income and dividend income. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Net income has increased by 6% mainly due to an increase in operating income by 6%. The increase in operating income is mainly due to an increase in net financing and investment income, net fees from banking services and other operating income against a decrease in net gains on FVIS financial instruments, net gains on derecognition of financial assets at amortised cost, dividend income and net exchange income. For total operating expenses there is an increase by 4% mainly due to an increase in other general and administrative expenses and salaries and employee-related expenses against a decrease in net impairment charge for financing and other financial assets and depreciation and amortization expenses. The increase in net income was also partially offset by higher zakat charge. |
| 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 decreased by 14% mainly due to a decrease in operating income by 9%. The decrease in operating income is mainly due to a decrease in net financing and investment income, net gains on FVIS financial instruments, other operating income, net gains on derecognition of financial assets at amortised cost and net gains on derecognition of financial assets at FVOCI against an increase in dividend income, net fees from banking services and net exchange income. On the other hand, total operating expenses have declined by 6% mainly due to a decrease in net impairment charge for financing and other financial assets, other operating expenses, other general and administrative expenses, depreciation and amortization expenses and rent and premises-related expenses against an increase in salaries and employee-related expenses. |
| 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 | The derivatives related financing income and financing costs have been presented on a gross basis in line with presentation in the annual financial statements.
Certain other items have also been re-classified to conform to current period presentation. |
| Additional Information | 1- Earnings per share for the current and prior periods 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.
2- During Q2 2023, the Bank issued additional Tier 1 Sukuk amounting to SAR 2 billion (denominated in SAR) in addition to Tier 1 Sukuk amounting to SAR 1.875 billion (denominated in USD) that was issued in Q2 2021. Total amount of these Tier 1 Sukuks is included as a part of total Equity. |
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