RIYADH: Saudi Arabia’s Bank AlJazira has seen its 2021 profits surge to over SR1 billion ($268 million), according to a bourse filing.
This follows a staggering 2,876 percent profit hike from a year earlier when profits stood at SR33.8 million.
The bank said the results were driven by a fall in net impairment charge for financing, down SR951 million.
Higher net operating income also contributed to the rise, supported by an increase in net income from investment and financing activities, it added.
Earnings per share went up from SR0.04 in the prior year to SR1.18 in 2021.
