Bank AlJazira reports 274% increase in profit

Bank AlJazira announces the interim financial results for the period ended 30/06/2011 are as follows: 

- Net income during the second quarter was SR 65 million, compared to SR 22 million for the same quarter last year with an increase of 195%, Compared to a net profit of SR62 million for the previous quarter with increase of 5%. 

- Total operating income during the second quarter reached SR 308 million compared to SR 295 million for the same quarter in the previous year, with increase of 4%. 

- Net special commission during the second quarter was SR 192 million compared to SR 188 million for the same quarter in the last year, with increase of 2%.

- Net profit for the six month period SR 127 million, compared to SR 34 million for the same period in the last year, with an increase of 274%. 

- Earnings per share for the six month period reached to SR 0.42 compared to SR 0.11 for the same period in the last year. 

- Total operating income for the six month period reached SR 585 million, compared to SR 600 million for the same period in the last year, with a decrease of 3%. 

- Net special commission during the six month period was SR 375 million, compared to SR 356 million for the same period in the previous year, with an increase of 5%. 

- Total assets as of 30/06/2011 reached to SR 37 billion, compared to SR 29 billion for the same period in the last year, with an increase of 28%. Investments reached to SR 5,299 million as of 30/06/2011 compared to SR 4,426 million for the same period in the last year, with an increase of 20%. Loans and advances reached to SR 22,034 million as of 30/06/2011 compared to SR 17,414 million for the same period in the previous year, with an increase of 27%. Customer deposits reached to SR 29,082 million as of 30/06/2011 compared to SR 22,664 million for the same period in the previous year, with an increase of 28%. 

- The increase in the net income in the current period is due to the higher special commission , fees & commission from banking services, and trading income, and in addition due to decrease in the operating expenses.