Bank AlJazira’s profit surges to $167m on lower first-half expenses

RIYADH: Saudi-listed Bank AlJazira has recorded an 11 percent rise in profit to SR633 million ($167 million) for the first half of 2022, propelled by a drop in expenses.

This is up from SR573 million in the same period last year, the Saudi lender announced in a bourse filing, adding that it will distribute a half-year cash dividend of SR0.4 per share.

Bank AlJazira’s expenses were reduced by 8 percent during the six-month period, mainly due to a 57 percent drop in the net impairment charge for financing and other financial assets to SR134 million.