Financial Results : ANB profit rises 19% to SAR 3.71B in 9M 2024; Q3 at SAR 1.24B

ANB profit rises 19% to SAR 3.71B in 9M 2024; Q3 at SAR 1.24B

22/10/2024 Argaam Exclusive

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Arab National Bank’s (ANB) net profit rose to SAR 3.71 billion in the first nine months of 2024, a 19% increase from SAR 3.13 billion in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Net Special Commission Income 5,393.58 5,944.22 10.2 %
Operating Income 6,314.85 7,053.61 11.7 %
Total Provisions (755.21) (488.55) 35.3 %
Net Income 3,129.80 3,709.53 18.5 %
Average Shares 2,000.00 2,000.00 -
EPS (Riyals) 1.56 1.85 18.5 %
EPS Diluted (Riyals) 1.56 1.85 18.5 %

This was mainly buoyed by a 10.2% increase year-on-year (YoY) in net special commission income due to an 11.4% year-on-year (YoY) rise in net loans and advances portfolio and 9.6% growth in net investments.

 

Net income before Zakat and income tax increased by 18.6% YoY. This was attributed to net special commission income, net fees and commission income, net trading income, dividend income and decreases in net allowance charges for expected credit losses and other provisions and impairment charges on other real estate owned.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Net Special Commission Income 1,866.11 2,074.73 11.2 %
Operating Income 2,202.46 2,409.05 9.4 %
Debt Provisions (239.72) (159.00) 33.7 %
Net Income 1,076.24 1,243.13 15.5 %
Average Shares 2,000.00 2,000.00 -
EPS (Riyals) 0.54 0.62 15.5 %
EPS Diluted (Riyal) 0.54 0.62 15.6 %

However, the bank posted an increase in salaries and employee related expenses, other general and administrative expenses, depreciation and amortization, premises related expenses. ANB also reported decreases in net gains/losses on non-trading instruments, net exchange income, net gains/losses on FVSI financial instruments and net other operating income.

 

The bank’s net profit rose 15.5% to SAR 1.24 billion in Q3 2024, from SAR 1.07 billion in Q3 2023.

Balance Sheet (B)

Item 9m 2023 9m 2024 Change‬
Assets 218.19 240.96 10.4 %
Customer Deposits 154.22 180.84 17.3 %
Loan 149.37 166.33 11.4 %

Sequentially, net profit in Q3 2024 slightly increased from SAR 1.23 billion in Q2 2024.

 

Shareholders’ equity, excluding minority interest, stood at SAR 36.38 billion by the end of Q3 2024, compared to SAR 33.73 billion in the year-earlier period.

 

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