RIYADH: Arab National Bank’s (ANB’s) net profits reached $663 million in 2008 versus $656 million for 2007, an increase of 1 percent. Net profit from special commissions in 12 months increased by 15 percent to $894 million compared to $774 million for the same period last year, the bank said in a statement yesterday.
The earnings per share reached $1.02 compared to $1.01 for the same period last year.
By the end of 2008, ANB’s assets increased by 28 percent to $32 billion against $25 billion for the same period last year. Investments reached $7.5 billion compared to $5.6 billion for the same period last year, representing an increase of 34 percent, while the loans portfolio surged 22 percent to $19.9 billion against $16.3 billion for the same period last year. Customers’ deposits jumped 26 percent to $24.7 billion against $19.6 billion for the same period last year.
As for the fourth quarter of 2008, net profit dropped 11 percent to $116 million compared to $129 million for the same period last year. Profit from special commissions in Q4 reached $213 million compared to $201 million for the same quarter last year, representing an increase of 6 percent.
Commenting on the bank’s results, Robert Eid, managing director and chief executive officer, said: “Against the backdrop of a challenging global environment, the bank managed to show an improved level of profitability reflecting the robust quality of its assets mix.”