JEDDAH, 15 April 2008 — Arab National Bank (ANB) reported a net profit of $179 million for the first quarter ended March 31, 2008 compared to $171 million for the same period last year with an increase of 5 percent. Total operating income increased by 5 percent in 2008 to reach $279 million compared to $265 million for the same period last year, while total operating expenses increased by 6 percent to reach $100 million compared to $94 million for the same period last year.
Commenting on the results, Dr. Robert Eid, Managing Director, said, “The Bank maintained solid growth patterns with the loan portfolio rising by 30 percent to reach $17.4 billion and customer deposits growing by 25 percent to $21 billion.”
ANB’s total assets increased to $27.7 billion and shareholders equity reached $2.96 billion.
“The bank’s branch network transformation and expansion project will be completed by the end of this year, an initiative which will substantially reflect on the bank’s future income stream. In parallel, the bank is investing in a number of promising sectors that include home finance, heavy equipment leasing and banc assurance,” Dr. Eid added.