Arab National Bank reports net profit before zakat and income tax of $947mn for 2019

Arab National Bank (ANB or the Bank). (Supplied)
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Updated 29 February 2020

Arab National Bank reports net profit before zakat and income tax of $947mn for 2019

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.


Pearson unveils Mideast winners of BTEC Awards

Updated 09 July 2020

Pearson unveils Mideast winners of BTEC Awards

Outstanding students, tutors and colleges from 25 countries, including from the Middle East, saw their achievements recognized at the BTEC Awards 2020 ceremony, held online for the first time due to coronavirus.

Hosted by presenter of the United Stand, YouTube influencer and BTEC ambassador, Flex, 17 category award winners were celebrated from the UAE and around the Middle East as well as internationally in subjects such as health and social care, performing arts, engineering, IT, business and sport.

Double Olympic gold medalist Max Whitlock and architect, TV presenter and campaigner George Clarke were among those presenting awards. 

They were joined by journalist and TV presenter Steph McGovern who spoke about her passion for vocational education and the BTEC Awards.

Spanning across 21 categories, the awards showcase the exceptional BTEC learners and teachers that have been nominated to win a gold, silver or bronze BTEC award. Accepted in more than 200 universities worldwide, BTEC is a highly regarded, career-focused qualification, studied in over 60 countries.

The Middle East winners are:

• BTEC Hospitality, Travel and Tourism Student of the Year Silver Winner — Finn Page, DESC, UAE

• BTEC Teacher of the Year (schools only) Bronze Winner — James McBlane, British School Al-Khubairat, UAE

• BTEC IT and Computing Student of the Year Bronze Winner — Sangeetha Philip, Cambridge International School, Dubai, UAE

• BTEC Business and Enterprise Student of the Year Bronze Winner — Delma Sharyl D’Silva, The Winchester School — Jebel Ali, Dubai, UAE

Cindy Rampersaud, senior vice president, BTEC and apprenticeships at Pearson Education, said: “This year I’ve been overwhelmed by the quality of BTEC Award nominations we received, and I am delighted to celebrate this year’s winners and the achievements of all learners who will be awarded a BTEC this year. 

Over the past few weeks and months, we’ve seen how the current pandemic has highlighted the critical role of key workers and individuals who are likely to have followed a vocational educational pathway such as BTEC.”

In the UAE, BTEC qualifications are available in sectors including applied science, art and design, business, childcare, construction, engineering, media, health and social care, hospitality, ICT, performing arts, public services, sport, travel and tourism.

Pearson has been delivering BTEC qualifications worldwide since 1984. A recent study revealed that 90 percent of BTEC students are employed full-time after graduating.

Globally, nearly 1 million students studied toward a BTEC in the past year, via 784 approved BTEC centers in 60 countries.

In response to new careers emerging within industries and ongoing change, Pearson is continually adapting and innovating its BTEC curriculum and learning to ensure it is relevant for young people and adults, supporting progression and career aspirations throughout lives.