Bank Al-Jazira’s profits increased 16.5% to 374.9 million riyals in the first quarter

Bank Al-Jazira announced its preliminary financial results for the period ending March 31, 2022, achieving a net profit of 374.9 million riyals, an increase of approximately 16.5% over the same period last year. , when the bank made a profit of 321.6 million riyals.

The bank explained in a statement on “Tadawul Saudi Arabia” today, Tuesday, that the reason for the increase in earnings during the first quarter of questhe year compared to the same quarter of the previous year is due to the decrease in the net provision for credit losses of 38% and an increase in the operating result of 4%.

He adds that the increase in operating income is mainly due to the increase in financial income and net investments, other operating income and net profits from the sale of financial assets at fair value with an impact on comprehensive income, offset by a decrease in net profits from sale of financial assets at amortized cost and net income from commissions for banking services and net income from financial instruments at fair value through profit or loss.

Indicates that operating expenses without allowance for bad debts increased by 10%, mainly due to the increase in other general and administrative expenses, employee salaries and the like, offset by a decrease in depreciation and other operating expenses.

The bank attributed the reason for the increase in earnings in the first quarter of 2022 compared to the previous quarter to the increase in operating income by 10% and the decrease in the bad debt provision of 39%.

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