RIYADH — The members of Bank AlJazira Board of Directors, have nominated Taha Abduulah Al-Kuwaiz as Chairman for the Board of Directors in the new three-year term which started on Jan. 1, 2013. The Board, in its first meeting, after recently elected by the ordinary general assembly meeting, has also formed its main committees. The bank has generated SR501 million net income last year or an increase of 65 percent compared to SR303 million in 2011. The increase is due to the increase in operating income. Earnings per share for the 12 months amounted to SR1.67 compared to SR1.01 in the preceding year. However, net income for Q4 2012 amounted to SR98 million, a decrease of 11 percent compared to SR110 million for Q4 2011 and a decrease of 25 percent compared to SR130 million for Q3 2012. The decrease is due to the increase of operating expenses. Total operating income for Q4 2012 amounted to SR372 million, an increase of 13 percent compared to SR330 million for Q4 2011. — SG
