#Saudi Arabia’s Bank AlJazira has reported a drop in profits of 32.25% to SAR 872 million for 2016. Profits for Q4 2016 were down 4.4% on a year ago to SAR 152 million. Earnings per share were down from SAR 3.22 to SAR 2.18. However, the loans and advances portfolio contracted by 0.18% to SAR 42 billion. The bank attributed the fall in net income to a decrease in operating income by 14%. There is also a decrease in net special commission income, net trading income and other operating income against an increase in net exchange income and net banking fees. Total equity as of end-2016 was SAR 8,104 million, comparing with amount of SAR 7,413 million the previous year, an increase of 9%.
Bank AlJazira (BAJ) has announced an ambitious expansion plan. BAJ currently operates 40 Fawri remittance centers and plans to open several new branches across the Kingdom of Saudi Arabia. The Bank's Senior Vice President Sami Hamad Al-Rajhi said Fawri has a vast overseas network of payout locations in more than 200 countries and will continue to expand. He pointed out that money can be sent through Fawri to all major countries like India, Philippines and Pakistan, which are the three top remittance recipient countries, and Bangladesh, Egypt, Sri Lanka, Indonesia, Yemen, Turkey, Jordan, Morocco and many more countries around the globe. In addition, Fawri offers buying and selling of bank notes, namely for dollar and euro currencies. Fawri will be able to deal in all major currencies in the near future.