Aljazira Bank Profit Up 18.6% in 2023 Q3
Bank Aljazira’s net profit rose by 18.6% during 2023 third quarter to reach SAR276 mln, after zakat and taxes, up from SAR 232.7 mln during the same quarter in 2022, as per financial data published by the bank on Tadawl on Wednesday.
On a quarterly basis, Aljazira’s net profit increased by 5.9% compared to SAR 260.6 mln during 2023 second quarter.
The 19% increase in net income during the third quarter of 2023, on an annual basis, is mainly attributed to an 11% decrease in operation expenses. This decrease is due to a decrease in the net allowance for credit losses, other operating expenses, other general and administrative expenses, and the depreciation and amortization of expenses.
The bank profited down 14.4 % during the first nine months of 2023 to reach SAR 740.7 mln, compared to SAR 865.3 mln during the same period in 2022.
It explained that this decline is due to a 9% decrease in operations income which resulted from a decline in finance and investment net income.
What is Aljazira Bank?
Aljazira Bank, based in Saudi Arabia (KSA), is a joint stock company that provides banking services and products in line with Sharia.
Following the takeover of National Bank of Pakistan branches in KSA, Aljazira Bank started operating in 1976.
The bank, which has a capital of SAR 8 billion, is headquartered in Jeddah and has 94 branches in Saudi Arabia.
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