Bank AlJazira profits up 162% in 2019

The growth in profits was attributed to the increase in profits mainly to a decrease in Zakat charges

  
Traders work at a Saudi bank in Riyadh.

Traders work at a Saudi bank in Riyadh.

REUTERS/Fahad Shadeed
Riyadh – Mubasher:Bank AlJazira reported an increase in net profit by 161.96% last year, as shown by its annual financial results for 2019.

Net profit amounted to SAR 991 million during the 12-month period that ended on 31 December 2019, compared with SAR 378.3 million, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The growth in profits was attributed to the increase in profits mainly to a decrease in Zakat charges, compared with a higher Zakat expense in 2018 as a result of a settlement agreement with General Authority of Zakat and Tax (GAZT) for the period between 2006 and 2017.

Moreover, the bank posted a 12% growth in operating income, thanks to higher net special commission income, net gain on the derecognition of financial assets measured at amortised cost, net banking fees, net exchange income, net gain on FVIS financial instruments and other operating income.

Source: Mubasher

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