ANB profits up 12% to SR651mln in 1Q

Arab National Bank (ANC) announced that its profits after zakat and tax rose 12% to SR 651 million during the first quarter of the year 2022 compared to SR 582 million during the same period of 2021.

This came after ANC announcement on Tuesday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The total operation profit of the bank declined 7% to SR 1.45 billion in 1Q against SR 1.55 billion in the same period of the year ago.

Moreover, Arab National Bank’s profit per share (EPS) rose to SR 0.43 from SR 0.39.

Net income before Zakat and Income tax increased by 9.1% against the same period in the prior year. This increase is mainly due to the increase in net exchange income, net trading income, net other operating income, net special commission income, dividend income and decrease in net impairment charge for expected credit losses.

Offset by a decrease in net gain on sale of non-trading investments, net gain on FVSI financial instruments, net fees and commission income, and increases in salaries and employee related expenses, other general and administrative expenses, rent and premises related expenses and depreciation and amortisation.

Net income before Zakat and Income tax increased by 35.2% against the previous quarter. This increase is mainly due to the increase in net special commission income, net trading income, net exchange income, net gain on FVSI financial instruments and decreases in net impairment charge for expected credit losses, salaries and employee related expenses, rent and premises related expenses and other general and administrative expenses.

Offset by decreases in net gain on sale of non-trading investments, dividend income, and an increase in depreciation and amortisation.

Additional Information:

Net impairment charge for expected credit losses for the three months period ended March 31, 2022 is SAR 155.5 million, as compared to SAR 332.7 million in corresponding period of last year with a decrease by 53.3%.

Net impairment charge for expected credit losses for the three months period ended March 31, 2022 is SAR 155.5 million, as compared to SAR 215.0 million in the previous quarter ended 31 December 2021 with a dcrease by 27.7%.