ANB profit dips 51% to SAR 2.05 bln in H1 2023; Q2 at SAR 986 mln

23/07/2023 Argaam Exclusive

View other reports

Arab National Bank (ANB) reported a 51% fall in net profit to SAR 2.05 billion for the first half of 2023 from SAR 1.35 billion in the year-ago period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Net Special Commission Income	2,494.31	3,527.47	41.4 %
Operating Income	3,128.15	4,112.39	31.5 %
Total Provisions	(440.82)	(515.49)	(16.9 %)
Net Income	1,358.42	2,053.56	51.2 %
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.68	1.03	51.2 %
EPS Diluted (Riyals)	0.68	1.03	51.2 %

The profit growth was backed by better net special commission income, net gains from investments held for non-trading purposes, net fees and commission income, net other operating income and net FX income.

On the other hand, ANB reported an increase in the net provisions for expected credit losses and other provisions, as well as salaries and employee-related expenses. General and administrative expenses (G&A) also went up.

The net provisions (reversals) for expected credit and other losses rose 30% to nearly SAR 566 million as of June 30, 2023, compared to SAR 437 million a year earlier.

The second-quarter net profit jumped 39% to SAR 986 million from SAR 707.69 million in Q2 2022.

The quarterly net profit decreased 7.7% from SAR 1.06 billion in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Net Special Commission Income	1,309.80	1,763.50	34.6 %
Operating Income	1,673.62	2,087.78	24.7 %
Debt Provisions	(288.81)	(271.66)	5.9 %
Net Income	707.69	985.98	39.3 %
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.35	0.49	39.3 %
EPS Diluted (Riyal)	0.35	0.49	39.3 %

Item	Q1 2023	Q2 2023	Change‬
Net Special Commission Income	1,763.97	1,763.50	0.0 %
Operating Income	2,024.61	2,087.78	3.1 %
Debt Provisions	(243.83)	(271.66)	(11.4 %)
Net Income	1,067.58	985.98	(7.6 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.53	0.49	(7.6 %)
EPS Diluted (Riyal)	0.53	0.49	(7.6 %)

Total shareholders’ equity, after minority interest, increased to SAR 33.37 billion as of June 30, 2023, from SAR 31.02 billion a year earlier.

Balance Sheet (B)

Item	6m 2022	6m 2023	Change‬
Assets	209.83	215.98	2.9 %
Customer Deposits	146.79	158.38	7.9 %
Loan	143.06	148.85	4.0 %

View more financial results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×