Riyadh – Mubasher: Bank Al Jazira disclosed its interim financial results for the second quarter of 2019.
Net profits inched up 3.1% to SAR 251.8 million in Q2-19, compared to SAR 244.2 million in Q2-18, according to the bank’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
The rise in net income was attributed to the increase in operating income by 6%.
“The increase in operating income is mainly attributable to an increase in net special commission income, net exchange income, net banking fee and gain on non-trading investments against a decrease in net gain on financial instruments at fair value through the income statement,” the statement highlighted.
Total revenues increased by 17% to SAR 769.4 million during the three-month period ended in June, from SAR 656.5 million in the same period of the prior year.
For the first six months of 2019, net profits of the Saudi based lender levelled up 1.2% to SAR 486.8 million, versus SAR 480.8 million in H1-18.
The bank generated SAR 1.5 billion in revenues during H1-19, up 18.8% from SAR 1.27 billion in H1-18, data showed.
As for assets, they grew by 10.3% year-on-year to SAR 77 billion during the six-month period between January and June.
Customer deposits went up to SAR 55.6 billion, while investments recorded SAR 25.9 billion by the end of June.
Profit per share jumped to SAR 0.59 in six months, compared to SAR 0.7 in the corresponding period of 2018.
