Riyadh – Mubasher: Bank AlJazira on Monday reported a net profit of SAR 216 million ($57.6 million) in the first quarter of 2017, compared to SAR 381 million ($101.6 million) in the same period last year, decreasing 43.3%.
Quarter-on-quarter, the Saudi-based bank's profits increased 42.1%, according to a statement to the Saudi Stock Exchange (Tadawul).
The setback in profits in Q1-17 was due to a decrease in operating income by 19% following the “sale of a land owned by the bank which resulted in gain amounting to SAR 209 million, offset by an increase in net special commission income and net trading income”, according to the statement.
The bank's operating expenses rose by 6% “due to increase in the net impairment charge for credit losses, rent and premises related expenses and salaries and employee-related expenses against a decrease in other general and administrative expenses”, the statement added.
Total operating income decreased by 18.5% to SAR 630 million in Q1-17 from SAR 773 million in Q1-16.
Meanwhile, total special commission income amounted to SAR 613 million in the first three months of 2017, up 19% from SAR 516 million in the same period last year.
Bank AlJazira previously posted a net profit of SAR 152 million in Q4-16 versus SAR 159 million in Q4-15, registering a decrease of 4.4%.
By 11:32 am Saudi time on Monday, Bank AlJazira's stock was up 1.54% to SAR 11.85.
