ANB Announces USD 632 million Net Profit in 2009
Arab National Bank (ANB) net profits in 2009 reached USD 632 million versus USD 663 million for 2008, a decrease of 4.7%. Net profit from special commissions for the same period reached USD 922 million compared to USD 894 million for the same period last year, an increase of 3.1%, while total operating income reached USD 1,198 million against USD 1,103 million for 2008, an increase of 8.7%. The earnings per share reached USD 0.97 compared to USD 1.02 for the same period last year.
By the end of 2009, assets reached USD 29.4 billion against USD 32.3 billion for the same period last year representing a decrease of 9.1%. Investments reached USD 6.2 billion compared to USD 7.5 billion for the same period last year representing a decrease of 17.6%, while the loans portfolio reached USD 17.8 billion against USD 19.9 billion for 2008 representing a decrease of 10.5%. Customers’ deposits reached USD 22.1 billion against 24.7 billion for the same period last year representing a decrease of 10.9%.
Commenting on the Bank’s results, Dr. Robert Eid, Managing Director and Chief Executive Officer said; “Against the backdrop of a difficult international and regional environment, the Bank managed to turn a relatively good performance, consistent with previous years.”
“ANB continued in 2009 executing its branch network transformation and expansion project, and the bank is well positioned to achieve good results in 2010 backed by the strong Saudi economy” Concluded Dr. Eid.