RIYADH: Bank AlJazira’s net profit for the first nine months of 2022 rose 11 percent to SR865 million ($230 million), according to a bourse statement.
The statement noted that the total operating profit of the bank until the end of September stands at SR2.67 billion compared to SR2.65 billion, during the same period last year.
The profit hike was driven by lower operating costs, mainly due to a decrease in a net impairment charge for financing and other financial assets, the statement added.
On Oct. 23, three of the top banks in Saudi Arabia — Saudi National Bank, Al-Rajhi Bank, and Riyad Bank — also reported a rise in net profits during the first nine months of 2022.
In the first nine months, Saudi National Bank posted a 42 percent surge to SR14 billion, while Al-Rajhi Bank reported a 19 percent rise to SR13 billion.
Riyad Bank saw its profit soar by 13 percent to SR5 billion in the first nine months of 2022.