IslamicFinance.de

Saudi's Bank Aljazira has gotten the approval to sell shares in its insurance unit Aljazira Takaful Taawuni Co. The unit will offer 10.5 million shares at 10 riyals per share in IPO. Bank Aljazira plans to own 30 percent in the new firm. The new firm is to have capital of 350 mln riyals.

Al Jazira Bank has registered net income of SAR 130 million during the third quarter of the year. This is an increase of 97% in comparison with the net income SAR 66 million for the same period last year. Compared to the second quarter of 2012, there is an increase of 1% from SAR 129 million. The difference between the total operating income during the third quarter this year and the same period in 2011 is 33% in favour of Q3 2012.

Read more on: http://www.cpifinancial.net/news/post/16209/al-jazira-bank-q3-profit-up-...

Saudi's Al Jazira Bank widened its losses for the fourth quarter by 189 percent while smaller rival Arab National Bank saw net profit falling 31.8 percent, the lenders said.