RIYADH, 12 April 2004 — The Saudi-based Arab National Bank (ANB) announced yesterday that its net profit in the first quarter of 2004 increased by 47 percent from SR186 million to SR272 million this year. Annual return on equity rose to 25 percent. “Net interest income at the end of the first quarter increased by 24 percent to SR555 million. Total expenses increased by eight percent during the same period. The loan provisions coverage ratio now stands at 14 percent compared to 106 percent in March last year,” said Nemeh Sabbagh, ANB managing director and chief executive officer. Sabbagh explained that these results came from strong growth in core earnings and effective interest rate risk management. The loan portfolio grew by 25 percent to SR21.8 billion, customer deposits increased by 18 percent to SR35.7 billion and total assets reached SR53.4 billion.
