ANB posts $632.3m net profit

Arab National Bank (ANB) reported a net profit of $632.3 million for 2012 compared to $579 million in 2011.
ANB's total operating income reached $1.27 billion compared to $1.21 billion for the same period last year, an increase of 4.7 percent.
By the end of 2012, assets reached $36.4 billion and investments reached $6.5 billion, while the loans portfolio reached $23.0 billion and customers’ deposits reached $28.7 billion.
Commenting on ANB's results, its Managing Director and Chief Executive Officer Robert Eid said: "The increase in the bank’s profits resulted principally from balanced growth in various business lines and its conservative risk management culture."