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Bank AlJazira announces its Annual Financial results for the Year Ended on 31-12-2023
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Total Income From Special Commission of Financing | 4,613.9 | 2,782.4 | 65.82 | ||
| Total Income From Special Commission of Investment | 1,650.8 | 1,133.3 | 45.66 | ||
| Net Income From Special Commission of Financing | 1,792.4 | 1,824.7 | -1.77 | ||
| Net Income From Special Commission of Investment | 582.4 | 782.7 | -25.59 | ||
| Total Operations Profit (Loss) | 3,334.7 | 3,495.3 | -4.59 | ||
| Net Profit (Loss) before Zakat and Income Tax | 1,180.9 | 1,296.7 | -8.93 | ||
| Net profit (Loss) | 1,020 | 1,109.1 | -8.03 | ||
| Total Comprehensive Income | 947 | 468.3 | 102.22 | ||
| Assets | 129,551 | 115,849 | 11.83 | ||
| Investments | 34,442 | 34,634 | -0.55 | ||
| Loans And Advances Portfolio (Financing And Investment) | 80,781 | 70,599 | 14.42 | ||
| Clients' deposits | 94,054 | 86,023 | 9.34 | ||
| Total Shareholder’s Equity (After Deducting The Minority’s Rights) | 16,415 | 13,609 | 20.62 | ||
| Total Operating Expenses Before Provisions for Credit and Other Losses | 1,940.8 | 1,919.4 | 1.11 | ||
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 229.1 | 286.3 | -19.98 | ||
| Profit (Loss) per Share | 1.08 | 1.26 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the special commission income during the current year compared to the last year is | Net financing and investment income has decreased by 9% mainly due to an increase in return on deposits and financial liabilities by 197%. The increase in return on deposits and financial liabilities is mainly due to an increase in return on customers deposits and Due to banks and other financial institutions. On the other hand, Income from investments and financing has increased by 60% mainly due to an increase in income from financing and investment portfolios. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net income has decreased by 8% mainly due to a decrease in operating income by 5%. The decrease in operating income is mainly due to a decrease in net financing and investment income, net gains on FVIS financial instruments, other operating income and net gains on derecognition of financial assets at amortised cost against an increase in dividend income and net fees from banking services. On the other hand, total operating expenses have declined by 2% mainly due to a decrease in net impairment charge for financing and other financial assets, other operating expenses and depreciation and amortization expenses against an increase in salaries and employee-related expenses and other general and administrative expenses. The decrease in net income was also partially offset by lower zakat charge and increase in share in net income of an associate. |
| The reason of the increase (decrease) in the total net provision of expected credit losses and other losses (reversing entry) during the current year compared to the last year is | Net impairment charge for financing and other financial assets has decreased by 20% mainly due to lower provisioning requirements for Commercial financing and investments. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Certain items have been re-classified to conform to current year presentation. |
| Additional Information | 1- Earnings per share for the current and prior periods have been calculated by dividing net income for the period after Zakat and income tax (adjusted for Tier 1 Sukuk costs) by the weighted average number of shares outstanding i.e. 820 million shares. 2- During Q2 2023, the Bank issued additional Tier 1 Sukuk amounting to SAR 2 billion (denominated in SAR) in addition to Tier 1 Sukuk amounting to SAR 1.875 billion (denominated in USD) that was issued in Q2 2021. Total amount of these Tier 1 Sukuks is included as a part of total Equity. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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