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Bank AlJazira announces its Interim Financial Results for the Period Ended on 30-06-2022 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Total income from Special Commissions/Financing & Investments 817.1722.613.08821.4-0.52
Net Income from Special Commissions/Financing & Investments 596.1631.5-5.61700.7-14.93
Total Operation Profit (Loss) 806.9828.4-2.6986.2-18.18
Net Profit (Loss) before Zakat and Income Tax 295.8276.96.83417.5-29.15
Net Profit (Loss) 257.8251.22.63374.9-31.23
Total Comprehensive Income 75.7217.3-65.16269.4-71.9
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total income from Special Commissions/Financing & Investments 1,638.61,459.712.26
Net Income from Special Commissions/Financing & Investments 1,296.91,275.31.69
Total Operation Profit (Loss) 1,793.11,773.91.08
Net Profit (Loss) before Zakat and Income Tax 713.2640.511.35
Net Profit (Loss) 632.7572.810.46
Total Comprehensive Income 345.1579-40.4
Total Share Holders Equity (after Deducting Minority Equity) 13,91313,8090.75
Assets 114,71195,89619.62
Investments 32,04130,5744.8
Loans and Advances Portfolio (Financing & Investment) 65,63656,90115.35
Clients' deposits 86,58470,69122.48
Profit (Loss) per Share 0.720.7
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 3% mainly due to a decrease in total operating expenses by 14%. The reduction in total operating expenses is mainly due to a decrease in net impairment charge for financing and other financial assets against an increase in other general and administrative expenses, depreciation and amortization expenses, salaries and employee-related expenses and rent and premises-related expenses. This was partially offset by absence of a one-time gain on deemed disposal of an associated company and a decrease in operating income by 3%, mainly due to a decrease in net financing and investment income, net fees from banking services and net gains on derecognition of financial assets at FVOCI against an increase in net gains on FVIS financial instruments and net exchange income.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is Net income has decreased by 31% mainly due to a decrease in operating income by 18%. 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, net fees from banking services and net gains on derecognition of financial assets at FVOCI against an increase in net gains on FVIS financial instruments and net exchange income. On the other hand, total operating expenses have decreased by 10% mainly due to a decrease in net impairment charge for financing and other financial assets, salaries and employee-related expenses, other general and administrative expenses and depreciation and amortization expenses against an increase in other operating expenses.
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 increased by 10% mainly due to a decrease in total operating expenses by 8%. The reduction in total operating expenses is mainly due to a decrease in net impairment charge for financing and other financial assets and other operating expenses against an increase in other general and administrative expenses and salaries and employee-related expenses. Also, there is an increase in operating income by 1%, mainly due to an increase in other operating income, net financing and investment income, net gains on FVIS financial instruments, net exchange income and dividend income against a decrease in net gains on derecognition of financial assets at amortised cost and net fees from banking services. On the other hand, this was partially offset by absence of a one-time gain on deemed disposal of an associated company and higher zakat charge.
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 Some items have been re-classified to conform to current period presentation.
Additional Information 1- Net Impairment charge for financing and other financial assets for current quarter is SR 39.6 million as compared to SR 157.9 million in similar quarter of previous year, a decrease of 75%. And as compared to SR 94.0 million in the previous quarter with a decrease of 58%.

2- Net Impairment charge for financing and other financial assets for current period is SR 133.6 million as compared to SR 310.8 million in same period of previous year with a decrease of 57%.

3- Earnings per share for the current and prior period 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.

4- During Q2 2021, the Bank issued Tier 1 Sukuk amounting to SAR 1.875 billion (denominated in US Dollars) which 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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