SAMA, other authorities fine Arab National bank

Arab National Bank said that it has been fined SR 9.1 million by Saudi Central Bank (SAMA) and other governmental bodies for 61 infringements in 2021; this is a surge of 414% from 2020 when the bank was fined SR 2.2 million for 49 infringements.

The bank added that SAMA imposed SR 7.7 million fines on it for 7 infringements concerning non-compliance with orders besides SR 869.6K fine concerning customer protection.

On the other hand, the bank got SR 414.8K fine also by Ministry of Municipal Rural Affairs and Housing concerning building infringements and SR 15K by Ministry of Interior besides SR 1.9K by Royal Commission for Jubail and Yanbu.

It is noteworthy that bank recorded profits surge by 5.1% to SR2.18 billion in 2021 from the profits of the previous year, which was SR2.07 billion.