‎“ANB”profits jumped 64% during Q1, to SR1.06 bln

The net profit after zakat and tax of Arab National Bank jumped to 1.06 billion riyals during the first quarter, compared to 651 million riyals in the same quarter of last year, by 64%. This came after today’s announcement of the preliminary financial results for the period ending in 03-2023. -31 (3 months).

The total operating profit amounted to 2.18 billion riyals in the first quarter, compared to 1.45 billion riyals in the same quarter of the previous year, with a growth of 50%.

As for net income from special commissions / financing and investments, it amounted to 1.7 billion riyals in the first quarter, compared to 1.18 billion riyals in the same quarter of the previous year, an increase of 46%.

Earnings per share in the current period amounted to 0.71 riyals, compared to 0.43 riyals in the same period last year.

The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to the increase in net income before zakat and income tax by 59.5% compared to the same quarter of last year. The increase is mainly due to the increase in net special commission income, net gains from selling investments held for non-trading purposes, net income from fees and commissions, net foreign currency exchange earnings and dividends, with a decrease in rent and building expenses.

This was offset by an increase in the net provision for expected credit losses, other provisions, other general and administrative expenses, salaries, personnel related expenses, depreciation and amortization, along with a decrease in net gains from financial instruments listed at their fair value in the income statement, net income from other operations and net trading income.

The reason for the increase in net profit during the current quarter compared to the previous quarter is due to the increase in net income before zakat and income tax by 29.4% compared to the previous quarter. The increase is mainly due to the increase in net gains from selling investments held for non-trading purposes, net special commission income, net fees and commission income, net trading income, and net gains from financial instruments whose fair value is included in the income statement, along with a decrease in other general and administrative expenses, salaries and related expenses. With employees, rent and building expenses.

This was offset by an increase in the net provision for expected credit losses, other provisions, depreciation and amortization, along with a decrease in net foreign exchange earnings, dividends and net income from other operations.

The basic and diluted earnings per share for the two periods ending on March 31, 2023 and 2022 were also calculated, by dividing the net income of the two periods attributable to the bank’s shareholders by 1,500 million shares. The diluted earnings per share is the same as the basic earnings per share.