ANB profits jump to SR3.07 bln during 2022, by 41%‎

Arab National Bank (ANB) announced that it achieved record profits, after zakat and income tax, for the year 2022, amounting to 3,070 million Saudi riyals, compared to 2,177 million Saudi riyals for the year 2021, recording a growth of 41%.

Engineer Salah bin Rashid Al-Rashed, Chairman of the Board of Directors of anb, said that the bank was able, thanks to its strong financial performance that accompanied its business during the year 2022, to achieve continuous growth in its various business sectors, and succeeded in continuing to manage its operations in an effective and balanced manner, while continuing its directions towards Enhancing its investment in digital transformation to provide innovative banking services, and supporting its steps in the field of investing in human capital to enrich its customers’ banking experience and move it towards advanced levels of excellence and efficiency, and activate its competitive capabilities.

Al-Rashed attributed the positive results recorded by the bank during the year 2022 to the increase in the financing and lending portfolio by 13.5% compared to the previous year, and the deposits recorded an increase of 14.1% while maintaining a good liquidity position ratio, in addition to the growth of the corporate financing portfolio by 9.4%. And the retail portfolio by 23.8%, mainly driven by private bank financing and real estate financing, while the size of the direct and indirect financing portfolio for small and medium enterprises reached 19.1 billion Saudi riyals at the end of 2022.

Al-Rashed expressed his pride in the Bank’s achievement of these results and the accompanying qualitative development in the quality of services, a remarkable expansion in the volume of the Bank’s business and the enhancement of the level of achievements, which was appreciated by international and local houses of expertise, and which enabled the Bank to harvest a wide range of recognition awards, including: : Award for the best developed financing entity by the “sakani” program, and the award of excellence for the best mobile banking application in the Kingdom within the Finovix Awards, and the “innovation” award by Out Systems, as well as receiving the award for “best bank to support facilities” Small and medium-sized enterprises in the Kingdom” from “International Business” magazine, which reflects the effectiveness of the strategic approach adopted by ANB since 2021. ,

The Chairman of the Board of Directors of ANB explained that these results and positive growth indicators are inseparable from the active activity adopted by the bank in terms of enhancing its supportive participation in achieving the goals of Vision 2030 aimed at achieving comprehensive and sustainable development in the Kingdom, especially in terms of stimulating production rates and competitiveness of enterprises. In addition to the growing role played by the bank in terms of its community contribution through the adoption of a wide range of programs and initiatives that have a qualitative positive impact. ,

Al-Rashed added that the bank recorded an increase in net special commission income by 20.6%, driven by the rise in interest rates and the increase in the bank’s net interest income. ,

Despite the increase in operating expenses during the year 2022 by 11.6%, as a result of the increase in salaries, wages and training expenses in response to the steps of change and the development of the bank’s internal work environment, the total operational income grew by 19%, and the earnings per share increased from 1.45 Saudi riyals in 2021, to reach 2.05 Saudi riyals in 2022.

These indicators resulted in an increase in the equity of the bank’s shareholders, with an increase of 4.0%, while the total assets volume increased by 10.5%.

Al-Rashed thanked and appreciated the bank’s management and employees for their perseverance and dedication in order to translate the bank’s goals and achieve its strategic aspirations, and to ANB customers for their trust and loyalty, as well as to the Saudi Central Bank for its support for the banking and financial sector in the Kingdom.