Arab National Bank’s profit jumps 39% during Q2 to SAR 986 million

The net profit after zakat and tax of Arab National Bank jumped to 986 million Saudi riyals during the second quarter, compared to 708 million riyals in the same quarter of last year, by 39%. This came after the announcement on Sunday of the interim financial results for the period ending on June 30, 2023 (6 months).

The total operational profit amounted to SAR 2.08 billion in the second quarter, compared to SAR 1.67 billion in the same quarter of the previous year, a growth of 25%.

The net income from special commissions / financing and investments, it amounted to SAR 1.73 billion in the second quarter, compared to SAR 1.35 billion in the same quarter of the previous year, an increase of 51%.

The net profit amounted to SRA 4 billion in the current period, compared to SAR 2.05 billion in the same quarter of the previous year, an increase of 24.5%.

Earnings per share in the current period amounted to SAR 1.37, compared to SAR 0.91 in the same period last year.

Net income before Zakat and Income tax increased by 38.6% against the same quarter of prior year. This increase is mainly due to net special commission income, net fees and commission income, net other operating income, net exchange income, and decrease in net impairment charge for expected credit losses and other provisions.

Offset by the increase in other general and administrative expenses, salaries and employee related expenses, depreciation and amortization, rent and premises related expenses and decreases in dividend income, net gains/ (losses) on FVSI financial instruments, net trading income and gains/ (losses) on non-trading instruments.

Net income before Zakat and Income tax decreased by 5.7% against the previous quarter. This decrease is mainly due to decrease in net gains/ (losses) on non-trading instruments, net trading income, net exchange income, net special commission income, and increase in other general and administrative expenses, rent and premises related expenses and depreciation and amortization.

Offset by the increase in net fees and commission income, net gains/ (losses) on FVSI financial instruments, dividend income, net other operating income and decreases in net impairment charge for expected credit losses and other provisions and salaries and employee related expenses.

Net income before Zakat and Income tax increased by 48.6% against the same period of prior year. This increase is mainly due to increase in net special commission income, net gains/ (losses) on non-trading instruments, net fees and commission income, net exchange income and net other operating income and decrease rent and premises related expenses.

Offset by the increase in net impairment charge for expected credit losses and other provisions, other general and administrative expenses, salaries and employee related expenses, depreciation and amortization and decreases in net gains/ (losses) on FVSI financial instruments, dividend income and net trading income.

The Bank stated that certain previous period figures has been reclassified in order to conform with current period classifications.

Basic and diluted earnings per share for the periods ended June 30, 2023 and 2022 are calculated by dividing the net income for the period attributable to the equity holders of the Bank by 1,500 million shares. The diluted earnings per share is the same as the basic earnings per share