ANB’s 9M 2022 profit up 33% to SAR 2.280 bln; Q3 at SAR 921 mln

Arab National Bank (ANB) reported a net profit rise of 33% to SAR 2.280 billion for the first nine months of 2022, compared to SAR 1.720 billion in the year-earlier period.

The profit growth was primarily propelled by an increase in net special commission income, net exchange income, dividend income, net fees and commission income, and net trading income. ANB also reported better net other operating income and net gains on fair value through statement of income (FVSI) and lower net impairment charge for expected credit losses.

This rise was offset by an increase in salaries and employee-related expenses, other general and administrative expenses, rent and premises costs, as well as depreciation and amortisation.

The third-quarter net profit leapt 39% to SAR 921 million, from SAR 665 million in Q3 2021, thanks to higher net special commission income, net exchange income, net fees and commission income, and net other operating income. ANB also recorded an increase in dividend income, net gains on FVSI financial instruments and net trading income alongside a decline in net impairment charge for expected credit losses.

Compared to Q2 2022, net profit climbed 30% from SAR 708 million.

Shareholders’ equity, after minority interest, increased to SAR 31.749 billion as of Sept. 30, 2022, from SAR 30.744 billion a year earlier.

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