Bank AlJazira announces financial results for the period ending 31/03/2012 three months

Bank AlJazira announces financial results for the period ending 31/03/2012 as follows:

Net profit during the first quarter amounts to SR 143 million, compared with net profit of SR 62 million for the same quarter in last year, which reflects a 131% increase. Compared to the previous quarter results with net income of SR 110 million, reflecting an increase of 30% in the current period.

The total operating income during the first quarter was SR 427 million, compared with SR 276 million for the same quarter in the previous year, reflecting an increase of 55%.

Net special commission income during the first quarter was SR 219 million, compared with SR 183 million for the same quarter in the previous year, reflecting an increase of 20%.

Earnings per share during the three months were SR 0.48 per share versus  SR 0.21 per share for the same period in the previous year.

Total assets as of 03/31/2012 were SR 43,258 million against SR 35,913 million for the same period in the previous year, which reflects an increase of 20%. Total investments as of 3/31/2012 were SR 7,444 million compared to  SR 4,618 million for the same period in last year, which reflects an increase of 61%. Total loans and advances portfolio as of 03/31/2012 amounted to SR 25,070 million against SR 19,942 million for the same period the in previous year, which reflects an increase of 26%.  Total customer deposits as of 31/03/2012 amounted to SR 34,602 million compared to SR 28,758 million for the same period the previous year, which reflects an increase of 20%.

The increase in the net income during the first quarter of 2012 comparing with  first quarter of 2011 and with the previous quarter is mainly due to the increase in operating income resulting from the increase in the profits from banking products and services.