Riyadh – Mubasher: Bank Al Jazira posted a 3.01% decrease year-on-year in its profits during the third quarter of 2016, according to a bourse statement.
Profits reached SAR 161 million ($42.93 million) in Q3-16, compared to SAR 166 million ($44.27 million) in Q3-15.
The year-on-year profit decline is mainly driven by an increase in operating expenses by 14% on the back of an increase in the net impairment charge for credit losses, against a decrease in salaries and employee-related expenses, and other general and administrative expenses.
The 8% rise in operating income is due to “an increase in net trading income, net banking fees and commission income and net exchange income against a decrease in other operating income and net special commission income”.
In the first nine months of 2016, profits fell 36.17% to SAR 720 million from SAR 1.13 billion.
