ANB Profits Reports 22% Increase in Profits to SAR 4.96 Billion by End of 2024

Arab National Bank (ANB) announced on Wednesday that its net profit rose to SAR 4.96 billion by the end of 2024, compared to SAR 4.07 billion in the same duration of 2023 by 22%, following the announcement today of the preliminary financial results for the duration ending December 31, 2024 (12 months).

Total operational profit increased by 11% to SAR 9.5 billion in 2024, compared to SAR 8.56 billion in the same duration of 2023.

Profits per share amounted to SAR 2.48 during the current duration, compared to SAR 2.04 in the same period of the previous year.

The Bank’s management stated in a statement today on “Tadawul” that net income before Zakat and income tax recorded a growth of 21.2% compared to the prior year. That is primarily driven by an increase in net special commission income, net fee and commission income, net gains/ (losses) on FVSI financial instruments, net trading income and dividend income, with a decrease in impairment charges on other real estate owned and net allowance charges for ECL and other provisions.