Riyadh – Mubasher: Bank Al Jazira reported a 4.4% year-on-year decline in its profits during the fourth quarter of 2016, according to a bourse statement.
Net profits stood at SAR 152 million ($40.53 million) in Q4-16, compared to SAR 159 million ($42.4 million) in Q4-15.
The year-on-year profit decrease resulted from an increase in operating expenses by 3%, due to "an increase in the net impairment charge for credit losses, as against decrease in salaries and employee-related expenses and other general and administrative expenses".
Net profits declined 32.25% to SAR 872 million in 2016, compared to SAR 1.29 billion in 2015.
