ANB profit leaps 64% to SAR 1.06 bln in Q1 2023

Arab National Bank (ANB), which is 40% owned by the Jordan-based Arab Bank, posted a 64% rise in Q1 2023 net profit to SAR 1.06 billion, compared to SAR 650.7 million in the prior-year period.

The profit growth was backed by an increase in net special commission income, net gains on sale of investments in non-trading instruments, net fees and commission income.

The bank also cited a rise in net exchange income, dividend income and a decrease in rent and premises related expenses.

This was offset by an increase in net impairment charges for expected credit losses and other provisions, other general and administrative expenses (G&A), salaries and employee related expenses.

Compared to Q4 2022, ANB’s first-quarter net profit jumped 35% from SAR 790.88 million, due to a rise in net gains on sale of investments in non-trading instruments and net special commission income.

The bank also cited higher net fees and commission income, net trading income, net gains / (losses) on FVSI financial instruments and a decline in other G&A, salaries and employee related expenses and rent and premises related expenses.

Shareholders’ equity, no minority interest rose to SAR 32.64 billion as of March 31, 2023, from SAR 32.03 billion a year earlier.

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