Saudi lender Bank AlJazira gains 2.2% after reporting higher Q1 profit

The rise was mainly due to a fall in the net impairment charge for financing and other financial assets. (Supplied)

RIYADH: Saudi lender Bank AlJazira’s share price soared 2.24 percent in early Tuesday trading after reporting higher first-quarter profits.

As of 10:45 a.m. Riyadh time, the bank’s share price reached SR32 ($8.50) amid trading of almost 3.3 million shares.

Earlier in the day, it posted a 17-percent rise in net profit to SR375 million, up from SR322 million a year ago, according to a bourse filing.

The rise was mainly due to a fall in the net impairment charge for financing and other financial assets by 38 percent and a 4-percent jump in operating income, it said.