Bank Aljazira reported a net profit of SAR 529 million for the first nine months of 2020, a 29% drop, compared to SAR 743.7 million in the same period a year earlier.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,509.03 | 1,758.57 | 16.5 % |
| Operating Income | 2,159.85 | 2,370.22 | 9.7 % |
| Total Provisions | (79.18) | (475.08) | (500.0 %) |
| Net Income | 743.69 | 529.01 | (28.9 %) |
| Average Shares | 1,025.00 | 1,025.00 | - |
| EPS (Riyals) | 0.73 | 0.52 | (28.9 %) |
The company attributed the slump in profit to higher operating expenses by 32%.
However total operating income increased by 10% due to higher net special commission income, net exchange income, other operating income, net gains on de-recognition of financial assets measured at FVOCI, and net gain on FVIS financial instruments against a decrease in net banking fee.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 517.66 | 616.78 | 19.1 % |
| Operating Income | 749.62 | 811.90 | 8.3 % |
| Debt Provisions | (40.35) | (180.08) | (346.3 %) |
| Net Income | 256.87 | 181.63 | (29.3 %) |
| Average Shares | 1,025.00 | 1,025.00 | - |
| EPS (Riyals) | 0.25 | 0.18 | (29.3 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 596.66 | 616.78 | 3.4 % |
| Operating Income | 789.41 | 811.90 | 2.8 % |
| Debt Provisions | (173.04) | (180.08) | (4.1 %) |
| Net Income | 165.77 | 181.63 | 9.6 % |
| Average Shares | 1,025.00 | 1,025.00 | - |
| EPS (Riyals) | 0.16 | 0.18 | 9.6 % |
| EPS Diluted (Riyal) | 0.16 | 0.18 | 12.5 % |
In Q3 2020, net profit declined by 29% YoY to SAR 181.6 million due to a 31% rise in operating expenses, driven by an increase in total operating income by 8%.
On a sequential basis, net profit rose 9.5% in Q3 2020, due to a 3% increase in operating income.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Assets | 80.61 | 91.91 | 14.0 % |
| Customer Deposits | 59.05 | 62.98 | 6.7 % |
| Loan | 44.53 | 54.14 | 21.6 % |
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