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Bank AlJazira announces its Interim Financial Results for the Period Ended on 30-09-2019 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Total Revenue from Special Commissions/Financing & Investments 796.4694.214.721769.43.509
Net Income from Special Commissions/Financing & Investments 517.7478.68.169502.23.086
Total Operation Profit (Loss) 749.6665.812.586714.44.927
Net Profit (Loss) 256.9247.43.839251.82.025
Total Comprehensive Income 248.5251.4-1.153226.39.809
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Revenue from Special Commissions/Financing & Investments 2,315.71,972.817.381
Net Income from Special Commissions/Financing & Investments 1,5091,4166.567
Total Operation Profit (Loss) 2,159.91,984.28.854
Net Profit (Loss) 743.7728.12.142
Total Comprehensive Income 725.7798.3-9.094
Total Share Holders Equity (after Deducting Minority Equity) 11,31511,646-2.842
Assets 80,61471,73112.383
Investments 27,57824,64511.9
Loans and Advances Portfolio (Financing & Investment) 44,53040,25510.619
Customer Deposits 59,05250,21117.607
Profit (Loss) per Share 0.910.99
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to Net income has increased by 4% due to an increase in operating income by 13%. The increase in operating income is mainly attributable to an increase in net special commission income, gain on non-trading investments, net banking fee, net exchange income, net gain on financial instruments at fair value through income statement and other operating income. For operating expenses there is an increase by 13% mainly due to increase in depreciation and amortization expenses, salaries and employee-related expenses, net impairment charge for credit losses, other general and administrative expenses and other operating expenses against a decrease in rent and premises related expenses.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Net income has increased by 2% due to an increase in operating income by 5%. The increase in operating income is mainly attributable to an increase in gain on non-trading investments, net special commission income, net exchange income, other operating income and net gain on financial instruments at fair value through income statement against a decrease in net banking fee. For operating expenses there is an increase of 7% mainly due to increase in net impairment charge for credit losses, salaries and employee-related expenses and other general and administrative expenses against a decrease in other operating expenses.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to Net income has increased by 2% due to an increase in operating Income by 9%. The increase in operating income is mainly attributable to an increase in net special commission income, net banking fee, net exchange income, gain on non-trading investments, net gain on financial instruments at fair value through income statement and other operating income. For operating expenses there is an increase of 8% mainly due to increase in depreciation and amortization expenses, salaries and employee-related expenses, other general and administrative expenses and other operating expenses against a decrease in rent and premises related expenses.
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 Starting from the quarter ended 30 June 2019, Zakat and tax are to be accrued at end of each financial reporting period and recognized in consolidated statement of income with a corresponding liability recognized in the consolidated statement of financial position in accordance with International Financial Reporting Standard (IFRS) and other standards and pronouncements endorsed by SOCPA. In addition to the above, some items have been re-classified to conform to current period presentation.
Additional Information 1- Net income before Zakat and income tax for the 9 month period ended 30 September 2019 is SR 828.3 million compared to SR 753.8 million in similar period of previous year, an increase of 10%. Net income after Zakat and income tax for the 9 month period ended 30 September 2019 is SR 743.7 million compared to SR 728.1 million in similar period of previous year, an increase of 2%.

2- Net income before Zakat and income tax for the 3 months period ended 30 September 2019 is SR 284.5 million compared to SR 255.1 million in similar quarter of previous year, an increase of 12% and as compared to SR 280.4 million in the previous quarter with an increase of 1%. Net income after Zakat and income tax for the 3 months period ended 30 September 2019 is SR 256.9 million compared to SR 247.4 million in similar quarter of previous year, an increase of 4% and as compared to SR 251.8 million in the previous quarter with an increase of 2%.

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. For calculating earnings per share for comparative period, weighted average number of ordinary shares have been adjusted to reflect the increase in the Bank capital from 520 million shares to 820 million shares through a right issue at SR 10 per share as approved in the Extra Ordinary General Assembly meeting held on March 19, 2018. The EPS for the comparative period has been calculated by dividing the comparative period net profit after Zakat and income tax of SR 728.1 million with the weighted average number of shares amounting to 732,420,228 shares.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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