Bank AlJazira announces its Annual Financial results for the Year Ended on 31-12-2024
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Total Income From Special Commission of Financing | 5,856.2 | 4,613.9 | 26.93 | ||
| Total Income From Special Commission of Investment | 2,122.6 | 1,650.8 | 28.58 | ||
| Net Income From Special Commission of Financing | 2,115.5 | 1,792.4 | 18.03 | ||
| Net Income From Special Commission of Investment | 518.9 | 582.4 | -10.9 | ||
| Total Operations Profit (Loss) | 3,779.4 | 3,334.7 | 13.34 | ||
| Net Profit (Loss) before Zakat and Income Tax | 1,404.6 | 1,180.9 | 18.94 | ||
| Net profit (Loss) | 1,231 | 1,020 | 20.69 | ||
| Total Comprehensive Income | 982 | 947 | 3.69 | ||
| Assets | 148,906 | 129,551 | 14.94 | ||
| Investments | 36,194 | 34,442 | 5.09 | ||
| Loans And Advances Portfolio (Financing And Investment) | 96,912 | 80,781 | 19.97 | ||
| Clients' deposits | 108,187 | 94,054 | 15.03 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 17,202 | 16,415 | 4.79 | ||
| Total Operating Expenses Before Provisions for Credit and Other Losses | 2,116.8 | 1,940.8 | 9.07 | ||
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 274.9 | 229.1 | 19.99 | ||
| Profit (Loss) per Share | 1.01 | 0.86 | |||
| 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 increased by 11% mainly due to an increase in Income from investments and financing by 27% primarily due to an increase in income from financing and due from banks and other financial institutions.
On the other hand, return on deposits and financial liabilities has increased by 37%. The increase in return on deposits and financial liabilities is mainly due to an increase in return on customers deposits and due to banks, Saudi Central Bank and other financial institutions. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net income has increased by 21% due to an increase in operating income by 13%. The increase in operating income is mainly due to an increase in net financing and investment income, net fees from banking services, net gains on FVIS financial instruments, other operating income, dividend income and net exchange income against a decrease in net gains on derecognition of financial assets at amortized cost.
On the other hand, total operating expenses have increased by 10% mainly due to an increase in net impairment charge for financing and other financial assets, salaries and employee-related expenses, other general and administrative expenses, other operating expenses, rent and premises related expenses and depreciation and amortization expenses against a reversal in impairment charge for other real estate.
The increase in net income was also partially offset by higher zakat charge during the year. |
| 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 increased by 39% mainly due to higher provisioning requirements for Commercial financing. On the other hand, there is an impairment reversal of SR 42.6 million for other real estate. |
| 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 year have been calculated by dividing net income for the year after Zakat and income tax (adjusted for Tier 1 Sukuk costs) by the weighted average number of shares outstanding i.e. 1,025 million shares.
2-Earnings per share for the comparative year has been recalculated to reflect the increase in the bank’s capital from 820 million shares to 1,025 million shares due to issue of bonus shares in the ratio of one share for every four shares as approved in the extraordinary general assembly meeting on 24 April 2024.
3- The Bank issued additional Tier 1 Sukuk amounting to SAR 2 billion (denominated in SAR) during Q2, 2023 and Tier 1 Sukuk amounting to SAR 1.875 billion (denominated in USD) during Q2 2021. Total amount of these Tier 1 Sukuks is included as a part of total Equity. |
Comments