Bank AlJazira announces its Interim Financial Results for the Period Ended on 30-09-2020 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Revenue from Special Commissions/Financing & Investments | 755.3 | 796.4 | -5.16 | 794.4 | -4.921 |
| Net Income from Special Commissions/Financing & Investments | 616.8 | 517.7 | 19.142 | 596.7 | 3.368 |
| Total Operation Profit (Loss) | 811.9 | 749.6 | 8.311 | 789.4 | 2.85 |
| Net Profit (Loss) before Zakat and Income Tax | 200.8 | 284.5 | -29.42 | 198.7 | 1.056 |
| Net Profit (Loss) | 181.6 | 256.9 | -29.311 | 165.8 | 9.529 |
| Total Comprehensive Income | 165.7 | 248.5 | -33.319 | 211.6 | -21.691 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Revenue from Special Commissions/Financing & Investments | 2,355.1 | 2,315.7 | 1.701 |
| Net Income from Special Commissions/Financing & Investments | 1,758.6 | 1,509 | 16.54 |
| Total Operation Profit (Loss) | 2,370.2 | 2,159.9 | 9.736 |
| Net Profit (Loss) before Zakat and Income Tax | 616.2 | 828.3 | -25.606 |
| Net Profit (Loss) | 529 | 743.7 | -28.869 |
| Total Comprehensive Income | 458.5 | 725.7 | -36.819 |
| Total Share Holders Equity (after Deducting Minority Equity) | 11,802 | 11,315 | 4.304 |
| Assets | 91,911 | 80,614 | 14.013 |
| Investments | 30,094 | 27,578 | 9.123 |
| Loans and Advances Portfolio (Financing & Investment) | 54,138 | 44,530 | 21.576 |
| Customer Deposits | 62,976 | 59,052 | 6.644 |
| Profit (Loss) per Share | 0.65 | 0.91 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to | Net income has decreased by 29% due to an increase in operating expenses by 31%. However, total operating income has increased by 8%. The increase in operating expenses is mainly due to an increase in net impairment charge for credit losses, other general and administrative expenses and depreciation and amortization expenses against a decrease in other operating expenses and salaries and employee-related expenses. The increase in operating income is mainly attributable to an increase in net special commission income and net gain on FVIS financial instruments against a decrease in net banking fee, net gains on derecognition of financial assets measured at amortised cost, other operating income and net gains on derecognition of financial assets measured at FVOCI. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Net income has increased by 10% mainly due to an increase in operating income by 3%. This is mainly attributable to an increase in net banking fee and net special commission income against a decrease in other operating income, net exchange income and net gains on derecognition of financial assets measured at FVOCI. For operating expenses there is an increase of 3% mainly due to increase in other general and administrative expenses, net impairment charge for credit losses and depreciation and amortization expenses. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to | Net income has decreased by 29% due to an increase in operating expenses by 32%. However, total operating income has increased by 10%. The increase in operating expenses is mainly due to an increase in net impairment charge for credit losses, salaries and employee-related expenses, other general and administrative expenses and depreciation and amortization expenses against a decrease in other operating expenses and rent and premises related expenses. The increase in operating income is mainly attributable to an increase in net special commission income, net exchange income, other operating income, net gains on derecognition of financial assets measured at FVOCI and net gain on FVIS financial instruments against a decrease in net banking fee and net gains on derecognition of financial assets measured at amortised cost. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| 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 credit losses for current quarter is SR 180.1 million as compared to SR 40.3 million in similar quarter of previous year, an increase of 346%. And as compared to SR 173 million in the previous quarter with an increase of 4%. 2- Net impairment charge for credit losses for current period is SR 475.1 million as compared to SR 79.2 million in similar period of previous year, an increase of 500%. 3- Earnings per share for the current and prior periods have been calculated based on net income for the period after Zakat and income tax. |
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