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Bank AlJazira Q3 profit rises 12% on lower spending

2018-10-31 10:56:33 GMT (Economies.com)
 

Bank AlJazira on Wednesday posted a 12.1% rise in net profit for the third quarter of 2018, compared with the same period a year ago.

The lender generated a profit of SAR 255.1 million, up from SAR 227.6 million in Q3-17, according to a bourse statement.

The bank attributed to the rise in Q3 net income mainly due to reduction in operating expenses by 4%, which is mainly attributable to a decrease in net impairment charge for credit losses against an increase in salaries and employee-related expenses, other general and administrative expenses, other operating expenses, rent and premises related expenses and depreciation and amortization expenses. 

Total revenues from special commissions and investments rose to SAR 702.8 million during Q3-18, compared to SAR 632.9 million in the year-ago period.

Financial results for the first nine months of 2018 showed a 13.6% rise in net profit to SAR 753.8 million, from SAR 663.8 million in the prior year period.

 
 
 
  Symbol Last Change Chg.%
1.2048
0.0022
0.1863%
1.3883
-0.0070
0.4981%
Tadawul
10127.90
18.31
0.18%
26.087
0.295
1.146%
62.100
-1.078
1.706%
65.78
0.41
0.63%
1785.165
13.715
0.774%
 
 
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