RIYADH: Arab National Bank (ANB) announced a net profit of $547 million for the first nine months of 2008 compared to $527 million for the same period last year, an increase of 4 percent.
Total operating income increased by 7 percent in 2008 to reach $874 million compared to $820 million for the same period last year, while total operating expenses increased by 11 percent to reach $327 million compared to $293 million for the same period last year. Profits of the third quarter of 2008 reached $167 million compared to $162 million for the same period last year.
The bank maintained steady growth levels as loans portfolio rose by 29 percent to reach $19.9 billion, while customer deposits grew by 34 percent to $23.6 billion, increasing total assets to $30.9 billion. Shareholders equity reached $3.2 billion.
Robert Eid, managing director, commented that these results reflect ANB’s customer oriented culture and its conservative approach in dealing with a rapidly changing environment.
