ANB profit rises 16% to SAR 1.23B in Q1 2024

Arab National Bank (ANB), which is 40% owned by Jordan's Arab Bank, reported a net profit of SAR 1.23 billion for the first quarter of 2024, an increase of 16% compared to SAR 1.06 billion for the year-earlier period.

The bank attributed the profit rise to higher net special commission income, net portfolio of loans and advances, and net investments, which increased by 9.3%, 9.1%, and 14%, respectively. This is in addition to an increase in interest rates.

It also posted a 14.9% increase in net income before zakat and income tax. This increase was mainly attributed to net special commission income, 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.

The growth was offset by an increase in salaries and expenses related to employees, other general and administrative expenses, depreciation and amortization, and premises expenses, coinciding with lower net gains on the sale of investments in non-trading instruments, net exchange income, and net trading income.

On a sequential basis, Q1 net profit jumped 31.3% from SAR 941 million in Q4 2023.

Total shareholders’ equity, excluding minority interest, stood at SAR 35.17 billion by March 31, 2023, compared to SAR 32.64 billion in a prior-year period.

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