From 'Al-Eqtisadiah', Riyadh

Tuesday 21 July 2026 16:19 | 1 minute read

Saudi AlJazira Bank's net profit rose about 16% in the second quarter, supported by growth in operating income, according to a disclosure by the bank on 'Tadawul' on Tuesday.

Net profit reached SAR 442.8 million compared to SAR 382 million in the same quarter last year, according to the announced data.

First half net profit amounted to about SAR 848 million, up about 14% year-on-year compared to SAR 743 million in the first half of last year.

Read also: Rising deposit costs slow AlBilad Bank's profit growth despite lending expansion

The bank attributed the second quarter profit growth to a 10% increase in operating income, along with higher net finance and investment income, net gain on financial instruments at fair value through profit or loss, and dividend income.

The bank also attributed the growth in operating income to not recording a loss from the sale of financial assets at amortized cost and at fair value through other comprehensive income, offset by a decline in net income from banking service fees, net foreign exchange income, and other operating income.

Read also: 'Saudi Fransi' distributes SAR 1.4 billion in profits for the first half

In contrast, operating expenses rose 7%, mainly due to higher salaries and related expenses, depreciation and amortization, rent and building expenses, offset by a decline in other operating expenses.

The increase in net income was also offset by a rise in the provision charged for zakat during the quarter.

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