Bank Aljazira posts 29% decline in Q3 profit

The increase in operating expenses is mainly due to an increase in net impairment charge for credit losses

  
Riyadh – Mubasher: Bank Aljazira reported a decline in net profit for the third quarter (Q3) of the year by 29.3% year-on-year (YoY) to SAR 181.6 million, as shown by the bank’s interim financial results.

The bank attributed the decrease in its net profit to operating expenses falling by 31%, despite an increase in total operating income by 8%, according to the bank’s disclosure to the Saudi Stock Exchange (Tadawul) on Sunday.

The increase in operating expenses is mainly due to an increase in net impairment charge for credit losses, other general and administrative expenses, and depreciation and amortization expenses against a decrease in other operating expenses, salaries, and employee-related expenses.

On a quarterly basis, the bank’s net profit increased by 9.53% compared to its level during Q2-20.

For the nine-month period to 30 September 2020, the net profit decreased by 28.87% to SAR 529 million, from SAR 743.7 million for the same period last year.

Source: Mubasher

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