2006 News Story

Bank Aljazira's net profit up 366%

Bank Aljazira said yesterday its net profit reached a record SR874.4 million [$233.2 million] in 2005, up 366 percent from the previous year. Total operating income rose 120 percent to SR1.32 billion [@352 million], the bank reported in a statement on the bourse website.


The bank said its performance was due to the economic boom in Saudi Arabia on the back of rising oil receipts, increased lending and improved living standards.  Shareholders' equity rose 74 percent to SR2.67 billion [$712 million], assets rose 32 percent to SR14.2 billion [$3.78 billion], deposits rose 33 percent to SR10.8 billion [$2.88 billion] and loans increased 33 percent to SR6.9 billion [$1.84 billion].