Arab National Bank (ANB) reported a net profit of $599 million for the first nine months of 2014, compared to $530 million for the same period last year, an increase of 13.1 percent.

Profits of the third quarter of 2014 reached $199.4 million compared to $157.1 million for the same period last year, representing an increase of 26.9 percent.

ANB’s total operating income for the first nine months of 2014 reached $1,082 million compared to $1,012 million for the same period last year, an increase of 6.9 percent. Assets as of Sept. 30, 2014 reached $40 billion, and investments reached $9.4 billion, while the loans portfolio reached $25.6 billion and customers’ deposits reached $30.6 billion.

Robert Eid, ANB CEO, stated that such good results reflect the strength of the banking sector and the benign economic environment as well as the bank’s continued focus on achieving sustainable growth alongside a conservative credit culture.