First Bank's profit rises 9.6% due to lower credit loss provision

Al Jazira Bank achieved net profits of 2.33 billion SAR during the second quarter of the year, reflecting a 9.6% year-over-year increase, driven by growth in net fee income and reductions in credit loss provisions and taxes, despite a decline in operating income and operating expenses. The growth focus was on expanding the loan portfolio and interbank lending, with investments in digital capabilities through increased amortization expenses resulting from capitalization of software costs. Additionally, the bank signed a financing agreement worth 6.4 billion SAR with Al Bawani Company. Its current market capitalization is approximately 67 billion SAR, with significant stakes held by Al Olayan Group and the Saudi government.

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