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Bank Al Jazira dives as quarter-on-quarter profit dips by 10%

The Tadawul All-Share Index was forced back to the level from July 1 Wednesday as the gauge finished the week with a 0.8%-drop to close at 6,659.58 points. Shares of Bank Al Jazira plummeted 2.11% to hit SR23.25 after the 44th largest lender in the GCC said its net income during the second quarter reached SR129m, compared to a net income SR65m for the same quarter in the previous year and with an increase of 98% and, compared to a net income of SR143m for the previous quarter, representing a decrease of 10%. Commenting on the latter performance, Al Jazira said "the reason for the lower income in the second quarter in 2012 compared to the first quarter in the same year is due to a decrease in the operating income." However, net profit in the first half of 2012 reached to SR272m, compared to SR127m for the same quarter in the previous year, with an increase of 114%.