RIYADH: Arab National Bank (ANB) net profits in 2009 reached $632 million as against $663 million for 2008, a decrease of 4.7 percent. Net profit from special commissions for the same period reached $922 million compared to $894 million for the same period last year, an increase of 3.1 percent, while total operating income reached $1.198 billion against $1.103 billion for 2008, an increase of 8.7 percent. The earnings per share reached $0.97 compared to $1.02 for the same period last year.
By the end of 2009, assets reached $29.4 billion against $32.3 billion for the same period last year representing a drop of 9.1 percent. Investments reached $6.2 billion compared to $7.5 billion for the same period last year representing a decrease of 17.6 percent, while the loans portfolio reached $17.8 billion against $19.9 billion for 2008 representing a drop of 10.5 percent. Customers’ deposits reached $22.1 billion against $24.7 billion for the same period last year representing a decrease of 10.9 percent.
ANB’s MD and CEO Robert Eid said: “Against the backdrop of a difficult international and regional environment, the bank managed to turn a relatively good performance, consistent with previous years. ANB continued in 2009 executing its branch network transformation and expansion project, and it is well positioned to achieve good results in 2010 backed by the strong Saudi economy.”