RIYADH, 25 January 2004 — Arab National Bank (ANB) has increased its net income for 2003 to SR767 million, up 31 percent over the previous year. Its return on equity rose from 16.5 percent in 2002 and to 19.3 percent during the reporting period.
The bank’s investment portfolio increased by 12 percent to SR21.5 billion and the loan portfolio grew by 26 percent to SR20.2 billion. Customer deposits increased by 20 percent to SR 33.7 billion while total assets reached SR 49.2 billion, an increase of 11 percent over the previous year.
Nemeh Sabbagh, the bank’s managing director and chief executive officer said 2003 saw revenue growth in all business sectors. He added that investments were made in modernizing and expanding their branch ATM networks and enhancing their technology delivery capabilities.
In May, ANB won the Best Overall Fund Manager Award in Saudi Arabia for 2002, in recognition of the superior returns achieved by its investment funds. During 2003, three rating agencies, Moody’s, Fitch Ratings and Capital Intelligence upgraded their ratings for ANB.
The bank also landed the award of Bank of the Year in Saudi Arabia by The Banker Magazine, and Best Bank in Saudi Arabia by Global Finance Magazine, which also named ANB Best Consumer Internet Bank in Saudi Arabia for the second year running.