Bank AlJazira Sees Over USD 266 Million Profits Surge, Representing 2,876% Increase from 2020

Saudi Arabia’s Bank AlJazira (BAJ) has recorded a profit surge of over SAR 1 billion (USD 266 million) in 2021. This represents a 2,876% increase in profit from 2020’s gains which had stood at SAR 33.8 million (USD 9.01 million).

Why it Matters?

The increase in profit was motivated by a fall in net impairment charge for financing and other financial assets to SAR 951 million (USD 253.5 million) and an increase of 8% in operating income. The operating income was increased on the back of a rise in net financing and investment income, net gains on derecognition of financial assets measured at amortised cost and at Fair Value through Other Comprehensive Income (FVOCI) against a decrease in net exchange income, banking services net fees, and First...