ANB Net Profit Rises 25 Percent

JEDDAH, 7 July 2003 — Saudi-based Arab National Bank’s net profit for the first half of the year increased by 25 percent over the same period last year, to reach SR377.3 million. All revenue categories registered strong growth, according to an ANB press release yesterday. Net interest income increased by nine percent to SR745.5 million, fee income rose 41 percent to SR120.3 million and foreign exchange income went up by 35 percent to SR48.7 million. Expenses were held at two percent below the level of the previous year. Capital gains this year were insignificant compared to SR38.3 million the previous year. Net operating income for the first half of this year reached a record SR513.3 million.