Riyadh – Mubasher: Bank Al Jazira’s profits dropped 75.85% year-on-year to SAR 178 million ($47.47 million) in the second quarter of 2016 from SAR 736 million ($196.27 million), according to a bourse filing.
A 51% decline in total operating income, resulting from SAR 573 million gains from selling a plot of land in Q2-15, contributed to the net profit decrease in Q2-16.
Operating expenses were also down 10%, due to the lower credit loss provisions and general and administrative expenses.
The bank’s net profits witnessed a 41.95% retreat in H1-16 to SAR 559 million from SAR 963 million in the same period of the previous year.
