Riyadh-Mubasher: Bank AlJazira recorded SAR 159 million in net earnings during the fourth quarter of 2015, a fall of 20% from SAR 199 million in the same period of 2014.
FY15 net income soared 125% year-on-year from SAR 572 million to SAR 1.3 billion.
The profit decline was due to rise in operating expenses by 18% as a result of increase in employees-related expenses and rise in general and administrative expenses, the bank said.
It ascribed the profit leap to increase in operating income by 31% as a result of selling land owned by the bank which resulted in operating income of SAR 573 million, in addition to increase in net special commission income.
