RIYADH, 9 October — The Arab National Bank has recorded a balanced growth in all sectors, with gross income from operations increasing by 19.8 percent of SR1.13 billion compared with SR943 million for the corresponding period of last year. According to a press release, ANB said the net income before loan loss provisions increased by 30.4 percent to SR595.3 million from SR456.3 million in the third quarter of 2000. Net profit amounted to SR364.1 million, a 21.2 percent rise as against SR300.4 million for the corresponding period of last year.

It said the bank took SR231.2 million in discretionary loan loss provisions compared to SR156 million from the third quarter of last year, thereby bolstering its loan loss coverage ratio. "As a result of this outstanding performance, the per share net income rose to SR12.1 from SR10 for the corresponding period of last year.

Commenting on the results, Abdullatif H. Al-Jaber, board chairman, stated that the "Bank continues to realize steady and balanced growth in all business sectors, with a concerted effort to improve services and to put our services at the disposal of the community which we are proud to be part of."

The chairman said that as a key player in the banking industry, Arab National Bank recently launched "Al Arabi Mobile", a messaging service that enables customers of the bank to monitor their accounts from inside the Kingdom or abroad through short messages sent by the bank to the customer’s mobile phone."

He said the bank has also developed its phone banking delivery capability through the introduction of "Hatif Al Arabi", allowing customers to carry out a host of banking transactions from the convenience of their homes and offices, thereby avoiding the inconvenience of queuing at a branch.

SABB sponsors housing exhibition

The Saudi British Bank (SABB) has sponsored the first exhibition for marketing of plots and houses and financing for houses, "Bayti (My Home) Exhibition, currently being held at the Riyadh Intercontinental Hotel.

Among those participating in the exhibition, according to Muhammad Al Rashidi, manager, media relations, are a number of major companies, real estate firms and local banks. SABB’s sponsorship of the event underlines its interest in this sector.

The bank presently offers Al Amanah Home Ownership in cooperation with the Saudi Real Estate Company, described as the first product of its kind in the Kingdom fully compliant with Islamic Shariah.