Bank Aljazira Registers 65% Rise In 2012 Profits

Bank AlJazira ‘s net income increased 65 percent to SR501 million during 12 months of 2012, compared to SR 303 million for the same period last year, the company said in a statement Tuesday.

The increase is due to the increase in operating income.

Earnings per share for the 12 months amounted to SR1.67 compared to SR1.01 in the preceding year.

However, net income for Q4 2012 amounted to SR98 million, a decrease of 11 percent compared to SR110 million for Q4 2011 and a decrease of 25 percent compared to SR130 million for Q3 2012.

The decrease is due to the increase of operating expenses.

Total operating income for Q4 2012 amounted to SR372 million, an increase of 13 percent compared to SR330 million for Q4 2011.

Net special commission income for Q4 2012 amounted to SR247 million, an increase of 25 percent compared to SR 197 million for Q4 2011.

Total operating income in 2012 amounted to SR1.60 billion, an increase of 33 percent compared to SR1,208 million for the same period last year.

Net special commission income during 12 months of 2012 amounted to SR951 million, an increase of 22 percent compared to SR781 million for the same period last year.

Total assets increased by 31 percent and amounted to SR50.958 billion as of Dec. 31, 2012 compared to SR38.90 billion in the preceding period.

Investments increased by 69 percent and amounted to SR 9.10 billion as of Dec.31, 2012 compared to SR 5.40 billion as of Dec. 31, 2011.

Loans and advances portfolio increased by 28 percent to reached SR29.90 billion compared to SR23.31 billion in the period covered.

Customers deposits increased by 31 percent to reach SR40.68 billion as of Dec. 31, 2012 compared to SR31.160 billion in the previous year.

Saudi Gazette