ANB’s net profit rises 22% to SAR 4.96B in 2024; Q4 at SAR 1.25B

Arab National Bank (ANB) reported a net profit of SAR 4.96 billion for 2024, an increase of 22% from SAR 4.07 billion in the previous year.

Net profit was positively affected by a 9.82% increase in net special commission income due to a rise in net loans and advances portfolio by 11.34% and net investments portfolio by 10.40%.

The bank also noted an increase in net fee and commission income, net gains on FVSI financial instruments, as well as net trading and dividend income. Meanwhile, ANB posted a decrease in impairment charges on other real estate owned, net allowance charges for expected credit losses (ECL) and other provisions.

Provisions fell on the improvement of the portfolio quality, in line with the IFRS 9 ECL model output results during the current year.

However, this growth was partially offset by an increase in the costs related to salaries and employee-related expenses, depreciation and amortization, other general and administrative expenses and premises-related expenses, along with a decline in net gains on non-trading instruments, net other operating income and net exchange income.

Q4 2024 net earnings rose 34% to SAR 1.25 billion, from SAR 940.71 million in the year-earlier period.

On a sequential basis, Q4 net profit grew slightly by 1.1% from SAR 1.24 billion.

Total shareholders’ equity, excluding minority interest, stood at SAR 38.11 billion by Dec. 31, 2024, compared to SAR 35.77 billion in a prior-year period.

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