Bank AlJazira announced earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported net profit of SAR 161 million compared with SAR 166 million for the same period a year ago. Total profit from operation income was SAR 575 million compared with SAR 532 million for the same period a year ago. Net income has decreased by 3% mainly due to increase in operating expenses by 14%. This is primarily due to increase in the net impairment charge for credit losses, as against decrease in salaries and employee related expenses and other general and administrative expenses. For operating income there is an increase by 8%. This is due to an increase in net trading income, net banking fees and commission income and net exchange income against a decrease in other operating income and net special commission income. For the nine months, the company reported net profit of SAR 720 million compared with SAR 1,128 million for the same period a year ago. Total profit from operation income was SAR 1,928 million compared with SAR 2,341 million for the same period a year ago. Net income has decreased mainly due to decrease in operating income by 18%. This is mainly due to the fact that in comparative period income was higher as result of sale of a land owned by the bank which resulted in gain amounting to SAR 573 million as against only gain of SAR 209 million booked on sale of land in the current period. In addition there is also a decrease in net special commission income, Other Operating income and net banking fees and commission income against an increase in net exchange income. For operating expenses, there is a small net variation mainly due to increase in the net impairment charge for credit losses and the decrease in other general and administrative expenses and salaries and employee related expenses.