JEDDAH – Bank AlJazira posted a 29 percent increase in net profit in the second quarter of 2013 at SR167 million, compared with SR129 million net profit for the same quarter in last year, the bank said in a statement Thursday. The net increased by 16 percent when compared to the previous quarter results of SR144 million. The total operating income during the second quarter was SR448 million, compared with SR409 million for the same quarter in the previous year, reflecting an increase of 10 percent. Net special commission income during the second quarter was SR302 million, compared with SR241 million for the same quarter in the previous year, reflecting an increase of 25 percent. Net profit during six months amounts to SR312 million, compared with net profit of SR272 million for the same period in last year, which reflects a 15 percent increase. Taha bin Abdullah Al-Kuwaiz was appointed as the new chairman of Bank AlJazira starting from Jan. 1, 2013. Earnings per share during the six months were SR1.04 per share versus SR0.91 per share for the same period in the previous year. Total operating income during six months was SR891 million, compared with SR834 million for the same period in the previous year, reflecting an increase of 7 percent. Total assets as of June 30, 2013 were SR56.22 billion against SR47.12 billion for the same period in the previous year, which reflects an increase of 19 percent. Total investments were SR9.86 billion compared to SR8.72 billion for the same period in last year, which reflects an increase of 13 percent. Total loans and advances portfolio amounted to SR33,312 million against SR27,232 million for the same period the in previous year, which reflects an increase of 22 percent. Total customer deposits amounted to SR45,163 million compared to SR37,254 million for the same period the previous year, which reflects an increase of 21 percent. The increase in the net income during the second quarter of 2013 is mainly due to the growth in core banking activities and increase in operating income. The increase in the net income during the current quarter of 2013 comparing with the last quarter in the current year is mainly due to the growth in core banking activities and increase in operating income. – SG
