Arab National Bank profits rise 73% to SAR 790 million in Q4

The net profit of Arab National Bank increased by 73% in the fourth quarter of 2022, to about 790 million riyals, after zakat and tax.

These statistics are compared to about 457 million riyals, in the fourth quarter of 2021, according to the accounts of Al Arabiya.net.

the bank’s results on “Saudi Arabia’s Tadawul” showed on Tuesday an increase in the bank’s net profits by 41.02% in 2022, to about 3.07 billion riyals, after zakat and tax, compared to about 2.18 billion riyals in 2021.

The ANB said that the increase in net profits for the year 2022, on an annual basis, is mainly due to the increase in net special commission income and net foreign currency exchange profits.

Among the reasons for this increase are dividends, net income from fees and commissions, net income from other operations, net trading income, and a decrease in the net provision for expected credit losses.

ANB added that this was offset by an increase in other general and administrative expenses, salaries and expenses related to employees, depreciation, amortization, rent and building expenses.

It led to a decrease in net gains from selling investments held for non-trading purposes and net gains from financial instruments whose fair value is included in the income statement.