Bank AlJazira announces its Interim Financial Results for the Period Ended on 30-09-2021 ( Nine Months )

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1443/03/21 Wed Oct 27, 2021 08:55:38

Bank AlJazira announces its Interim Financial Results for the Period Ended on 30-09-2021 ( Nine Months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Total income from Special Commissions/Financing & Investments	757.6	755.3	0.304	722.6	4.843
Net Income from Special Commissions/Financing & Investments	673.7	616.8	9.225	631.5	6.682
Total Operation Profit (Loss)	878.3	811.9	8.178	828.4	6.023
Net Profit (Loss) before Zakat and Income Tax	241.3	200.8	20.169	276.9	-12.856
Net Profit (Loss)	204.5	181.6	12.61	251.2	-18.59
Total Comprehensive Income	167.3	165.7	0.965	271.3	-38.333
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total income from Special Commissions/Financing & Investments	2,217.3	2,355.1	-5.851
Net Income from Special Commissions/Financing & Investments	1,949	1,758.6	10.826
Total Operation Profit (Loss)	2,652.1	2,370.2	11.893
Net Profit (Loss) before Zakat and Income Tax	881.8	616.2	43.102
Net Profit (Loss)	777.3	529	46.937
Total Comprehensive Income	746.3	458.5	62.769
Total Share Holders Equity (after Deducting Minority Equity)	13,670	11,802	15.827
Assets	98,578	91,911	7.253
Investments	30,995	30,094	2.993
Loans and Advances Portfolio (Financing & Investment)	58,439	54,138	7.944
Clients' deposits	74,264	62,976	17.924
Profit (Loss) per Share	0.92	0.65
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Net income has increased by 13% mainly due to an increase in operating income by 8%. The increase in operating income is mainly due to an increase in net financing and investment income, net Fees from banking services, net gains on derecognition of financial assets measured at FVOCI and net gain on FVIS financial instruments against a decrease in net exchange income and other operating income. On the other hand, total operating expenses have increased by 3% mainly due to impairment charge for non-financial asset and increase in other general and administrative expenses against a decrease in net Impairment charge for financing and other financial assets, salaries and employee-related expenses and depreciation and amortization expenses.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	Net income has decreased by 19% mainly due to higher operating expenses and absence of a one-time gain on deemed disposal of an associated company that was recorded in previous quarter. However operating income has increased by 6%. The increase in operating income is mainly attributable to an increase in net financing and investment income, net gain on FVIS financial instruments, net gains on derecognition of financial assets measured at FVOCI and net exchange income against a decrease in net Fees from banking services and other operating income. For operating expenses there is an increase by 7%. This is mainly attributable to impairment charge for non-financial asset, an increase in other general and administrative expenses and depreciation and amortization expenses against a decrease in other operating expenses and salaries and employee-related expenses.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	Net income has increased by 47% due to an increase in operating income by 12% and booking of a gain on deemed disposal of an associated company. The increase in operating income is mainly due to an increase in net financing and investment income, net Fees from banking services, net gains on derecognition of financial assets measured at amortised cost and net gains on derecognition of financial assets measured at FVOCI against a decrease in net exchange income, other operating income and net gains on FVIS financial instruments. For operating expenses there is an increase by 3%. This is mainly attributable to impairment charge for non-financial asset, an increase in other general and administrative expenses, other operating expenses and rent and premises related expenses against a decrease in salaries and employee-related expenses, depreciation and amortization expenses and net Impairment charge for financing and other financial assets.
Statement of the type of external auditor's report	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	None
Reclassification of Comparison Items	Some items have been re-classified to conform to current period presentation.
Additional Information	1- Net Impairment charge for financing and other financial assets for current quarter is SR 158.5 million as compared to SR 180.1 million in similar quarter of previous year, a decrease of 12%. And as compared to SR 157.9 million in the previous quarter with less than 1% increase. 2- Net Impairment charge for financing and other financial assets for current period is SR 469.2 million as compared to SR 475.1 million in same period of previous year with a decrease of 1%. 3- Earnings per share for the current and prior periods have been calculated by dividing net income for the period after Zakat and income tax (adjusted for Tier 1 Sukuk costs) by the weighted average number of shares outstanding i.e. 820 million shares. 4- During Q2 2021, the Bank issued Tier 1 Sukuk amounting to SAR 1.875 billion (denominated in US Dollars) which is included as a part of total Equity.

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