Bank Aljazira Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
October 15, 2014 at 04:25 am EDT
Bank AlJazira reported earnings results for the third quarter and nine months ended September 30, 2014. For the third-quarter net profit plummeted 75.13% year-on-year to SAR 47 million compared to SAR 189 million reported a year ago. On a quarter-to-quarter basis, the bank recorded a decrease in its net profit by 71.86%. The sharp decline in the net profit on both annual and quarterly basis was attributed to higher operational costs.
In the first nine months of 2014, the bank registered a 25.4% annual drop in its net profit to SAR 373 million. Earnings per share stood at SAR 0.93, compared to SAR 1.25. Total operating income rose 22.45% for the nine months to SAR 1.67 billion.