Islamic Finance

Saudi Islamic bank AlJazira third quarter profit rises on higher net income


Saudi Arabia’s Shariah-compliant bank AlJazira on Wednesday posted a 3.84 per cent increase in net profit to 256.9 million riyals ($68.5 nillion) for the three months ending September 30 versus the same period last year.

The rise is due to a 13 per cent bump in operating income attributable to a few factors, including higher net special commission income, gain on non-trading investments, and net banking fee, AlJazira said in an exchange filing on Wednesday.

The bank’s assets surged 12.38 per cent to 80.61 billion riyals at September 30, from the end of 2018.

Customer deposits were up by 17.61 per cent to reach 59.05 billion riyals.

The bank’s financing book expanded by 10.62 per cent to 44.53 billion riyals.  

($1 = 3.75 Saudi riyals)

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