ANB profit up 12% to SAR 650.7 mln in Q1 2022

Arab National Bank (ANB) reported a 12% increase in net profit to SAR 650.7 million for Q1 2022, compared to SAR 582.2 million in the year-earlier period.

The profit rise was driven by the increase in net exchange income, net trading income, net other operating income, net special commission income and dividend income, along with a drop in net impairment charges for expected credit losses.

This was offset by a decline in net gain on the sale of non-trading and FVSI financial instruments, paired with a drop in net fees and commission income. That is in addition to increases in salaries and employee-related expenses, as well as other general and administrative expenses, and rent and premises-related expenses, together with depreciation and amortization.

When compared to the previous quarter, net profit in Q1 2022 rose 42.6%, thanks to an increase in net special commission income, trading income, exchange income and gain on FVSI financial instruments.

Shareholders’ equity, excluding minority interest, rose 8.3% to SAR 32.034 billion by the end of Q1 2022, compared to SAR 29.973 billion in the prior-year period.

Net provision for expected credit losses for the three-month period amounted to about SAR 155.5 million, a 27.7% drop compared to SAR 215.0 million in the year-ago period.

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