Al Jazira Bank's profit soars by over 800%

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Al Jazira Bank, Saudi Arabias most active broker, posted yesterday a first quarter net profit of 683.4 million riyals ($182.2 million), up 817 per cent from the same period last year.

The banks net profit stood at 74.5 million riyals in the first quarter of 2005, Al Jazira said in a statement posted on the Saudi bourse website. Profit at the end of March, 2006 represents more than three quarters of the whole net profit posted by the bank in 2005.

Operating income rose 382 per cent to 816.9 million riyals and shareholders equity more than doubled to 3.3 billion riyals at the end of March, it added. Customer deposits inched up 2.1 per cent to 9.15 billion riyals and loans rose 13 per cent to 6.35 billion riyals.

While it is Saudi Arabias smallest listed bank in terms of market capitalisation, Al Jazira has made its name in brokerage activity, largely under the helm of local banks.