ANB 2022 net profit jumps 41% to SAR 3.07 bln; Q4 at SAR 790.9 mln

Arab National Bank (ANB) reported a rise of 41% in 2022 net profit to SAR 3.07 billion, compared to SAR 2.17 billion in 2021.

The profit growth was driven by higher income from net special commission, net exchange, dividend, and, net fees and commission. In addition, the bank also noted an increase in net other operating income and net trading income, along with a decline in net impairment charge for expected credit losses.

This was offset by an increase in other general and administrative expenses, salaries and employee related expenses, and, depreciation and amortization, as well as rent and premises related expenses. ANB also recorded a drop in net gains from the sale of investments in non-trading instruments and net gains on financial instruments held at fair value through statement of income (FVSI).

In Q4 2022, net profit jumped 73% to SAR 790.9 million from SAR 456.35 million a year earlier. 

ANB’s net profit saw a 14.1% drop from SAR 921.11 million in Q3 2022. 

Total shareholders’ equity, after minority interest, stood at SAR 32.33 billion as of Dec. 31, 2022, up from SAR 31.10 billion a year earlier.

View More Financial Results