Arab National Bank (ANB or the Bank) reported a net profit before zakat and income tax of USD 947 million for 2019 compared to USD 883 million in 2018, an increase of 7.3%.
ANB total operating income reached USD 1,795 million compared to USD 1,743 million for the same period last year, an increase of 3%, whereas net special commission income reached USD 1,481 million against USD 1,374 million for the same period last year, an increase of 7.8%.
Net profit after zakat and income tax reached USD 806 million compared to USD 1,058 million last year.
It is worth mentioning that the decrease in net profit after zakat and income tax in 2019 resulted from the change in the accounting standards relating to zakat and income tax and not reflecting a real decrease in profits. Due to the settlement reached with the General Authority of Zakat and Tax (GAZT) in 2018 for the period 2006 – 2017, a saving of USD 297 million was achieved, which in turn resulted in an increase of the same amount in 2018 equity.
With the change in the accounting standards for reclassifying zakat and income tax to the statement of income instead of shareholders' equity in 2018, the amount of USD 297 million was recognized in the statement of income, accordingly, the 2018 net income was amplified by the same amount to reach USD 762 million before the settlement and USD 1,058 million after the settlement.
By the end of 2019, assets reached USD 48.9 billion compared to USD 47.6 billion for the same period last year, and investments reached USD 10.1 billion compared to USD 7.4 billion last year an increase of 36.5%, while the loans portfolio reached USD 31.7 billion against USD 32.3 billion for the same period last year, a decrease of 1.8% and customers’ deposits reached USD 37.9 billion maintaining the same level of last year.