Arab National Bank (ANB), which is 40% owned by the Jordan-based Arab Bank, posted a 64% rise in Q1 2023 net profit to SAR 1.06 billion, compared to SAR 650.7 million in the prior-year period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,184.51 | 1,763.97 | 48.9 % |
| Operating Income | 1,454.53 | 2,024.61 | 39.2 % |
| Debt Provisions | (152.01) | (243.83) | (60.4 %) |
| Net Income | 650.72 | 1,067.58 | 64.1 % |
| Average Shares | 2,000.00 | 2,000.00 | - |
| EPS (Riyals) | 0.33 | 0.53 | 64.1 % |
| EPS Diluted (Riyal) | 0.33 | 0.53 | 64.0 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,645.35 | 1,763.97 | 7.2 % |
| Operating Income | 1,918.74 | 2,024.61 | 5.5 % |
| Debt Provisions | (262.14) | (243.83) | 7.0 % |
| Net Income | 790.88 | 1,067.58 | 35.0 % |
| Average Shares | 2,000.00 | 2,000.00 | - |
| EPS (Riyals) | 0.40 | 0.53 | 35.0 % |
| EPS Diluted (Riyal) | 0.40 | 0.53 | 35.0 % |
The profit growth was backed by an increase in net special commission income, net gains on sale of investments in non-trading instruments, net fees and commission income.
The bank also cited a rise in net exchange income, dividend income and a decrease in rent and premises related expenses.
This was offset by an increase in net impairment charges for expected credit losses and other provisions, other general and administrative expenses (G&A), salaries and employee related expenses.
Compared to Q4 2022, ANB’s first-quarter net profit jumped 35% from SAR 790.88 million, due to a rise in net gains on sale of investments in non-trading instruments and net special commission income.
The bank also cited higher net fees and commission income, net trading income, net gains / (losses) on FVSI financial instruments and a decline in other G&A, salaries and employee related expenses and rent and premises related expenses.
| Item | 3m 2022 | 3m 2023 | Change |
|---|---|---|---|
| Assets | 204.62 | 214.04 | 4.6 % |
| Customer Deposits | 148.14 | 155.25 | 4.8 % |
| Loan | 138.64 | 144.73 | 4.4 % |
Shareholders’ equity, no minority interest rose to SAR 32.64 billion as of March 31, 2023, from SAR 32.03 billion a year earlier.
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