Arab National Bank Profits Fell to SR665 Million during the 3Q by 0.6%

The Arab National Bank net profit after zakat and tax decreased to SR665 million during the third quarter, compared to SR669 million during the same quarter of the previous year, by 0.6%.

This came after the announcement today of the consolidated preliminary financial results for the period ending on September 30, 2021 AD (9 months).

This came after the Arab National Bank announced on Monday its interim financial results for the period ending on 2021-09-30 (Nine Months).

The total operation profit amounted to SR1.47 billion during the third quarter, compared to SR1.46 billion during the same quarter of the previous year, an increase of 1%.

The net profit after zakat and tax during the current period amounted to SR2.05 billion, compared to SR2.15 billion during the same period of the previous year, a decrease of 5%.

Profits per share during the current period amounted to SR1.15, compared to SR1.2 during the same period of the previous year.

Net profit for the quarter decreased due to increases in salaries and employees related expenses and other general and administrative expenses, offset by decrease in impairment charges for credit losses and fees and commission income and increases in net special commission income and gain on sale of debt financial assets.

Net profit for the quarter increased due to increases in net special commission income and gains on sale of debt financial assets and a decrease in impairment charges for credit losses , offset by decreases in unrealized gains on FVIS financial instruments and other operating income and an increase in salaries and employees related expenses.

Net profit amounted to SAR 1,720 million, a decrease of 4.3% against the same period in the prior year. This decrease is mainly due to a decrease in net special commission income and an increase in impairment charges for expected credit losses and for other financial assets, offset by increases in realized and unrealized gains on investments and earnings from associates.

“Certain previous period figures have been reclassified in order to conform with current period classifications.” the company said.

The profit per share represents diluted earnings per share which is calculated by dividing the net income after zakat and taxation for the referred years attributable to the equity holders of the Bank by 1500 million shares.