RIYADH, 16 March 2004 — In the general meeting for the Arab National Bank that was held Sunday night, the board of directors recommended the distribution of SR415 million of profits to the shareholders, which is SR11 per share. The board also recommended the increase of the bank capital by SR200 million, and to provide a free share of stock for every nine shares already owned. The board of directors also approved many other decisions and also approved the bank’s financial report for the year ending Dec. 31, 2003. Also the board approved distributing the bank profits to shareholders every six months. The Arab National Bank has now reached a capitalization of SR1 Billion.
Abdullatif Al-Jaber, director of the board, said, “2003 was a good year and full of accomplishments. Despite the recent international economic developments, the Saudi economy maintained its strength and attractiveness. The economy witnessed growth in all its sectors because of the good economic policy of the Saudi government. Oil prices were balanced and exports exceeded expectations. The financial sector and the Arab National bank witnessed a fundamental growth. This past year the bank witnessed increased efficiency in operating systems, increased quality of services and improved focus on marketing programs. This was reflected in the growth in revenues”.
Al-Jaber said, “The bank is interested in training and qualifying more Saudi employees. The bank succeeded in achieving 86 percent of Saudization by the end of 2003.” In 2003, the bank earned profits of SR767 million, an increase of 31 percent and has achieved an annual increase of 23 percent every year for the past five years.