ANB profit up 1.1% first nine months 2009

Arab National Bank (ANB) announced a net profit of USD 553.1 million for the first nine months of 2009, compared to USD 547.2 million for the same period last year representing an increase of 1.1%.  Total operating income increased by 5.2% in 2009 to reach USD 916.3 million compared to USD 871.3 million for the same period last year, net special commission income increased by 3.5% to reach USD 705.2 million compared to USD 681.5 million for the same period last year.

Net profit of the third quarter reached USD 168.9 million compared to USD 167.4 million for the same period last year, an increase by 0.9% and compared to previous quarter USD 198.9 million a decline of 15%.

The Bank continued to maintain strong ratios; assets declined by 3.3% to reach USD 29.83 billion, the investments grew by 8.3% to USD 6.31 billion. Loan portfolio declined by 7.7% to USD 18.34 billion, customers’ deposits declined by 9.1% to USD 21.47 billion.

Dr. Robert Eid, the Managing Director and CEO of ANB indicated that the nine months results are a reflection of the Bank’s conservative culture.