Al-Jazira Bank's financial statements showed that the bank's profits in the first quarter of this year decreased by 22.7% on an annual basis.
According to the results of the bank for the Saudi market (Tadawul) today, Thursday, the profits for the period amounted to 181.6 million riyals, compared to profits of 235 million riyals in the first quarter of 2019. p>
The bank said in a statement to the stock exchange that the decline in profits during the comparison periods is due to the increase in operating expenses by 28%.
He explained that the increase in expenses is mainly due to the increase in the net provision for credit losses, employee salaries and the like, and other general and administrative expenses, depreciation and amortization expenses and offset by a decrease in expenses Rentals, buildings and other expenses.
As for the income of operations, it rose 11% due to the rise in the net of special commission income, the net foreign exchange income, the net income of fees and bank commissions, the income of other operations, and the net profit from the sale of assets Financial value at fair value through other comprehensive income offset by a decrease in net profit from financial instruments measured at fair value through the income statement.
