Bank AlJazira announces its Interim Financial Results for the Period Ended on 31-03-2024 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Income From Special Commission of Financing | 1,350 | 973.9 | 38.617 | 1,321.5 | 2.156 |
| Total Income From Special Commission of Investment | 490.9 | 358.9 | 36.779 | 438.8 | 11.873 |
| Net Income From Special Commission of Financing | 534.5 | 421.5 | 26.809 | 541.4 | -1.274 |
| Net Income From Special Commission of Investment | 85.5 | 137 | -37.591 | 101.4 | -15.68 |
| Total Operations Profit (Loss) | 888.3 | 783.9 | 13.318 | 889.9 | -0.179 |
| Net Profit (Loss) before Zakat and Income Tax | 347.3 | 250 | 38.92 | 311.5 | 11.492 |
| Net Profit/(Loss) | 300.4 | 204 | 47.254 | 279.3 | 7.554 |
| Total Comprehensive Income | 22 | 358.5 | -93.863 | 183.1 | -87.984 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 491.8 | 475 | 3.536 | 514.8 | -4.467 |
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 55.4 | 60 | -7.666 | 68.1 | -18.649 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Assets | 135,821 | 119,430 | 13.724 |
| Investments | 33,972 | 36,040 | -5.738 |
| Loans And Advances Portfolio (Financing And Investment) | 84,116 | 72,030 | 16.779 |
| Clients' deposits | 97,268 | 86,867 | 11.973 |
| Total Shareholder’s Equity (After Deducting The Minority’s Rights) | 16,437 | 13,968 | 17.676 |
| Profit (Loss) per Share | 0.29 | 0.2 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in special commission income during the current quarter compared to the same quarter of the last year is | Net financing and investment income has increased by 11% due to an increase in income from investments and financing by 38%. This increase is mainly due to higher income from corporate financing and due from banks and other financial institutions which increased as a result of portfolio growth and higher rates.
On the other hand, return on deposits and financial liabilities has increased by 58%. The increase in return on deposits and financial liabilities is mainly due to an increase in return on customers deposits and Due to banks and other financial institutions. |
| 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 47% mainly due to an increase in operating income by 13%. The increase in operating income is mainly due to an increase in net financing and investment income, net gains on FVIS financial instruments, net fees from banking services and dividend income against a decrease in other operating income and net gains on derecognition of financial assets at FVOCI.
On the other hand, total operating expenses have increased by 2% mainly due to an increase in other general and administrative expenses and salaries and employee-related expenses against a reduction in net impairment charge for financing and other financial assets.
The increase in net income was also contributed by an increase in share in net income of an associate. |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the same quarter of the last year is | Net impairment charge for financing and other financial assets has decreased by 8% mainly due to lower provisioning requirements for Commercial financing. |
| The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is | Net financing and investment income has decreased by 4% mainly due to an increase in return on deposits and financial liabilities by 9%. The increase in return on deposits and financial liabilities is mainly due to an increase in return on shariah compliant derivatives, customers deposits and Due to banks and other financial institutions.
On the other hand, Income from investments and financing has increased by 5% mainly due to an increase in income from financing portfolio, shariah compliant derivatives and due from banks and other financial institutions. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter is | Net income has increased by 8% mainly due to a decrease in total operating expenses by 6%. The decrease in total operating expenses is mainly due a decrease in net impairment charge for financing and other financial assets, other general and administrative expenses, salaries and employee-related expenses and other operating expenses against an increase in depreciation and amortization expenses.
On the other hand, total operating income has decreased slightly by 0.2% mainly due to a decrease in net financing and investment income.
The increase in net income was also partially offset by higher zakat charge during the period. |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the previous quarter is | Net impairment charge for financing and other financial assets has decreased by 19% mainly due to lower provisioning requirements for Commercial financing. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Certain items have 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. 1,025 million shares. The weighted average number of shares reflect the increase in the paid-up capital of the bank from 820 million shares to 1,025 million shares which was approved in the extraordinary general assembly meeting on 24 April 2024.
2-Earnings per share for the comparative periods has been recalculated to reflect the increase in the bank’s capital from 820 million shares to 1,025 million shares due to issue of bonus shares in the ratio of one share for every four shares.
3-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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