Bank Al-Jazira achieved profits for the period ending on March 31, 2022 amounting to 374.9 million riyals, an increase of about 16.5% compared to the same period last year, when the bank achieved a profit of 321.6 million riyals.
According to Arabiya Net, the bank explained in a statement today, Tuesday, that the reason for the increase in profits during the first quarter of this year compared to the same quarter of the previous year, is due to the decrease in the net provision for credit losses by 38% and an increase in operating income by 4%.
He added that the increase in operating income was mainly due to the increase in net financing and investment income, other operating income and net profits from selling financial assets at fair value through other comprehensive income, offset by a decrease in net profits from selling financial assets at amortized cost and net income from banking services fees. And the net profit of financial instruments at fair value through the income statement.
And he indicated that with regard to operating expenses without provision for credit losses, it increased by 10%, and this is mainly due to the increase in other general and administrative expenses, employees' salaries and the like, offset by a decrease in depreciation and amortization expenses and other operating expenses.
