Saudi’s Bank AlJazira Sees 17% Rise in Net Profit in First Quarter of 2022

Riyadh-based Bank Aljazira recorded net profits of SAR 374.9 million (USD 99.9 million) in the first quarter of 2022 (1Q 2022), seeing a 17% increase year-on-year (YoY) compared to SAR 321.9 million (USD 85.8 million) in the first quarter of 2021 (1Q 2021) and a 64% quarterly rise from SAR 229 million (USD 61 million) in the fourth quarter of 2021 (4Q 2021), according to a bourse filing on the 26th of April 2022.

Why it Matters?

The positive performance is attributed to net impairment charges for financing and other financial assets falling by 38% and operating income witnessing a 4% jump. After reporting the higher profits, Bank Aljazira witnessed a 2.24% increase in its share price to reach SAR 32 (USD 8.5) for almost 3.3 million shares that are cur...