Arab National Bank profits up to SR 2.17 billion in 2021

Arab National Bank has recorded a net profit surge of 5% to SR 2.17 billion in 2021 from SR 2.07 billion a year earlier, according to its financial result statement published on Tadawul.

The Saudi lender’s total operation profits declined by 1% to SR 5.76 billion in 2021 from SR 5.82 billion in 2020, while net income from special commissions, financing and investments decreased by 4% to SE 4.67 billion in 2021 from SR 4.86 billion.

The profit per share (EPS) rose to SR 1.45 in 2021 from SR 1.38 in 2020.

The higher profits were mainly attributed to gains from financial instruments known as FVSI, along with gains from the sale of investments in non-trading instruments, trading income, dividend income and decreases in ECL allowance charges, rent and premises related expenses and depreciation and amortization. This was offset by declines in net special commission income, exchange income, fee/commission income, other operating income, increases in salaries and employee related expenses and other general/administrative expenses.