Bank Aljazira's profit increase by 377%

Bank AlJazira announces its preliminary first quarter financial results for the period ending on 31/03/2011 as follows:

The net profit during the first quarter was SAR 62 million, compared with SAR 13 million for the same quarter last year, an increase of 377%, and versus a net loss for the previous quarter of SAR 27 million.

The total operating income during the first quarter was SAR 276 million, compared with SAR 305 million for the same quarter last year, a decrease of 10%.

The net special commission income in the first quarter was SAR 183 million, compared with SAR 168 million for the same quarter last year, an increase of 9%.

Earnings per share for the three months were SAR 0,21 versus SAR 0,04 for the same period last year.

Total assets as at 31/03/2011 was SAR 35,913 million against SAR 27,791 million for the same period last year, an increase of 29%.

Total investments as at 31/03/2011 was SAR 4,618 million against SAR 4,216 million for the same period last year, an increase of 10%. Loans and advances as at 31/03/2011 amounted to SAR 19,942 million against SAR 16,339 million for the same period last year, an increase of 22%. Customer deposits as at 31/03/2011 amounted to SAR 28,758 million against SAR 19,203 million for the same period last year, an increase of 50%. In addition, Bank AlJazira issued Sukuk amounted to one billion SAR.

The increase of net profit is attributed to the increase in the income from the Murabaha deals revenues and banking charges and commissions, and reduction of operating expenses.