Al-Jazira bank announced that it had made net profits in the third quarter of 2022, amounting to 232.7 million riyals, an increase of approximately 13.8% compared to the same period last year, when the bank realized a profit of 204.5 million riyals.
Bank Al-Jazira’s net profit decreased 9.74% in the third quarter of questyear, compared to a net profit of 257.8 million riyals in the second quarter of 2022.
The bank explained in a statement on “Tadawul Saudi Arabia” today, Monday, that the reason for the increase in earnings during the third quarter of questyear compared to the same quarter of the previous year is due to the 14% increase in net profit, mainly due to the 5% decrease in operating costs, mainly due to the decrease in the bad debt provision and the bad debt provision for other properties and depreciation offset by an increase in other general and administrative expenses and employee wages.
He adds that operating income recorded a slight increase of 0.3%, mainly due to the increase in dividend income, net income from currency translation, net income from banking services commissions and net profits on financial instruments at fair value recognized at income statement, offset by a decrease in financial income and by net investments and net profits From the sale of financial assets at fair value through the other components of the comprehensive income statement.
During the first nine months of questyear, the bank’s net profit increased by 11.32% to reach 865.3 million riyals, compared to 777.3 million riyals, earnings for the same period of 2021.
Read More About: Business News