ANB profit up 20% to SAR 2.46B in H1 2024; Q2 at SAR 1.23B

Arab National Bank (ANB) reported a 20% increase in net profit to SAR 2.46 billion in the first half of 2024, from SAR 2.05 billion in the year-ago period.

The profit increase was driven by a 9.7% increase in net special commission income due to an 8.6% rise in net loans and advances portfolio and a 7.8% jump in net investments portfolio.

The positive performance was also spurred by higher net fee and commission income, net trading income, dividend income and net gains/ (losses) on FVSI financial instruments and net other operating income. This is in addition to lower net impairment charge for expected credit losses and other provisions, as well as impairment charges on other real estate owned.

However, it was partially offset by the increase in salaries and employee-related expenses, other general and administrative costs, depreciation, amortization and premises related expenses and decrease in net gains/losses on non-trading instruments and net exchange income.

The second-quarter net profit jumped 25% to SAR 1.23 billion from SAR 986 million in Q2 2023.

The lender’s Q2 net profit was almost flat quarter-on-quarter.

Total shareholders’ equity, after minority interest, increased to SAR 36.17 billion as of June 30, 2024, from SAR 33.37 billion a year earlier.

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