JEDDAH, 7 October 2007 — Arab National Bank (ANB) reported a 1.6 percent increase in net profit in the first nine months of 2007 at SR1,976 million compared to SR1,945 million in the same period last year. Earning per share also increased to SR4.34 from SR4.27, Tadawul website data said yesterday. The increase was a result of a 5 percent rise in operating income that reached SR3,076 million from SR2,927 million as net interest income rose 17 percent to SR2,149 million, while fees from banking services decreased by 26 percent to SR 612 million.
Operating expenses increased by 12 percent to SR 1,100 million from SR982 million in the period. Profits in the third quarter of 2007 reached SR608 million compared to SR591 million in the same period last year. Total assets rose to SR85.6 billion and shareholders’ equity reached SR9.9 billion.
