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.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,179.55 | 1,184.51 | 0.4 % |
| Operating Income | 1,423.15 | 1,454.53 | 2.2 % |
| Debt Provisions | (335.01) | (152.01) | 54.6 % |
| Net Income | 582.23 | 650.72 | 11.8 % |
| Average Shares | 2,000.00 | 2,000.00 | - |
| EPS (Riyals) | 0.29 | 0.33 | 11.8 % |
| EPS Diluted (Riyal) | 0.29 | 0.33 | 11.8 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,109.95 | 1,184.51 | 6.7 % |
| Operating Income | 1,333.91 | 1,454.53 | 9.0 % |
| Debt Provisions | (214.28) | (152.01) | 29.1 % |
| Net Income | 456.35 | 650.72 | 42.6 % |
| Average Shares | 2,000.00 | 2,000.00 | - |
| EPS (Riyals) | 0.23 | 0.33 | 42.6 % |
| EPS Diluted (Riyal) | 0.23 | 0.33 | 42.6 % |
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.
| Item | 3m 2021 | 3m 2022 | Change |
|---|---|---|---|
| Assets | 177.44 | 204.62 | 15.3 % |
| Customer Deposits | 125.16 | 148.14 | 18.4 % |
| Loan | 115.56 | 138.64 | 20.0 % |
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