Jeddah - Amlak
At the end of the fiscal year ending 12/31/2012, Bank Al Jazira achieved a net profit for the fourth quarter of SAR 98 million, compared to a net profit of SAR 110 million for the similar quarter of the previous year, a decrease of 11% and compared to a net profit of SAR 130 million for the previous quarter, a decrease of 25%. Gross profit from operations during the fourth quarter amounted to SAR 372 million, compared to SAR 330 million for the similar quarter of the previous year, an increase of 13%, and net profit from special commissions during the fourth quarter amounted to SAR 247 million, compared to SAR 197 million for the similar quarter of the previous year, an increase of 25%.
He pointed out that the net profit for twelve months amounted to SAR 501 million, compared to SAR 303 million for the similar period of the previous year, an increase of 65 %, while earnings per share for twelve months amounted to SAR 1.67, compared to SAR 1.01 for the similar period of the previous year.
The total profit from operations for twelve months amounted to SAR 1,601 million, compared to SAR 1,208 million for the same period of the previous year, an increase of 33%, while net profit from special commissions for twelve months amounted to SAR 951 million, compared to SAR 781 million for the same period of the previous year, an increase of 22TP3T.
He stressed that the assets amounted to 50,957 million riyals at the end of the period 31/12/2012 compared to 38,898 million riyals at the end of the similar period of the previous year, an increase of 31 %, while investments amounted to 9,099 million riyals at the end of the period 31/12/2012 compared to 5,397 million riyals at the end of the similar period of the previous year, an increase of 69 %, and the portfolio of loans and advances at the end of 31/12/2012 reached 29,897 million riyals compared to 23,307 million riyals at the end of the corresponding period of the previous year, an increase of 28 %, while customer deposits amounted to 40,675 million riyals compared to 31,159 million riyals at the end of the corresponding period of the previous year, an increase of 31 %.
The bank attributed the reason for the decrease in profits during the current quarter compared to the similar quarter of the previous year to the increase in operating expenses, while the reason for the increase in profits during the current period compared to the similar period of the previous year is due to the increase in operating income, while the reason for the decrease in profits during the current quarter compared to the previous quarter of the current year is due to the increase in operating expenses.

The reason for the decrease in profits during the current quarter compared to the previous quarter of the current year is due to higher operating expenses.