Bank Aljazira’s net profit soars 47% YoY in Q1-24

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Bank Aljazira posted a 47.25% year-on-year (YoY) surge in net profit to SAR 300.40 million in the first quarter (Q1) of 2024 from SAR 204 million.

Earnings per share (EPS) hit SAR 0.29 in Q1-24, up from SAR 0.20 in Q1-23, according to the interim financial results.

Assets rose by 13.72% YoY to SAR 135.82 million in the three-month period that ended on 31 March 2024 from SAR 119.43 million.

Clients’ deposits grew 11.97% YoY to SAR 97.26 million in January-March from SAR 86.86 million.

On the other hand, investments declined by 5.73% YoY to SAR 33.97 million in Q1-24 from SAR 36.04 million.

Quarter-on-quarter (QoQ), the bank’s net profit increased by 7.55% in Q1-24 from SAR 279.30 million in the previous quarter.

In 2023, Bank Aljazira posted an 8.03% YoY decline in net profit to SAR 1.02 billion from SAR 1.10 billion.

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