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Bank AlJazira announces its Interim Financial Results for the Period Ended on 30-06-2023 ( Six Months )

1020
BJAZ
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1445/01/09     27/07/2023 09:30:43

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Income from Special Commissions/Financing & Investments 1,500.5876.271.251,332.812.58
Net Income from Special Commissions/Financing & Investments 565.6631.4-10.42558.51.27
Total Operation Profit (Loss) 807.7806.90.1783.93.04
Net Profit (Loss) before Zakat and Income Tax 297.9295.80.7125019.16
Net Profit (Loss) 260.6257.81.0920427.75
Total Comprehensive Income 342.575.7352.44358.5-4.46
Total Provisions (Reversals) for Expected Credit and Other Losses, net 52.239.631.8260-13
Total Operating Expenses Before Provisions for Credit and Other Losses 463.3474-2.26475-2.46
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross Income from Special Commissions/Financing & Investments 2,833.31,745.162.36
Net Income from Special Commissions/Financing & Investments 1,124.21,360-17.34
Total Operation Profit (Loss) 1,591.61,793.1-11.24
Net Profit (Loss) before Zakat and Income Tax 547.8713.2-23.19
Net Profit (Loss) 464.6632.7-26.57
Total Comprehensive Income 700.9345.1103.1
Total Share Holders Equity (excluding Non-Controlling Interest) 16,26813,85217.44
Assets 124,444114,6508.54
Investments 36,34032,04113.42
Loans and Advances Portfolio (Financing & Investment) 74,94265,57514.28
Total Provisions (Reversals) for Expected Credit and Other Losses, net 112.2133.6-16.02
Total Operating Expenses Before Provisions for Credit and Other Losses 938.2948.9-1.13
Clients' deposits 92,08286,5846.35
Profit (Loss) per Share 0.520.72
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net income has increased by 1% mainly due to a slight increase in operating income by 0.1% and an increase in share in net income of an associated company. The increase in operating income is mainly due to an increase in dividend income, net fees from banking services, net gains on derecognition of financial assets at amortized cost and net exchange income against a decrease in net financing and investment income. For operating expenses there is a slight increase by 0.4% mainly due to an increase in net impairment charge for financing and other financial assets and salaries and employee-related expenses against a decrease in other operating expenses, other general and administrative expenses and rent and premises-related expenses.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is Net income has increased by 28% mainly due to an increase in operating income by 3%. The increase in operating income is mainly due to an increase in net gains on FVIS financial instruments, net gains on derecognition of financial assets at amortised cost, net financing and investment income, net exchange income and dividend income against a decrease in other operating income and net gains on derecognition of financial assets at FVOCI. Also, total operating expenses have decreased by 4% mainly due to a decrease in net impairment charge for financing and other financial assets, other general and administrative expenses and salaries and employee-related expenses. Increase in income was also contributed by lower zakat charge and share in net income of an associated company.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Net income has decreased by 27% mainly due to a decrease in operating income by 11%. The decrease in operating income is mainly due to a decrease in net financing and investment income, other operating income, net gains on derecognition of financial assets at amortised cost and net gains on FVIS financial instruments against an increase in dividend income, net exchange income and net fees from banking services. On the other hand, total operating expenses have decreased by 3% mainly due to a decrease in net impairment charge for financing and other financial assets, other operating expenses, depreciation and amortization expenses, other general and administrative expenses and rent and premises-related expenses against an increase in salaries and employee-related expenses.
Statement of the type of external auditor's report Unmodified Conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None
Reclassification of Comparison Items The derivatives related financing income and financing costs have been presented on a gross basis in line with presentation in the annual financial statements.

Certain other items have also been re-classified to conform to current period 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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