Saudi-based Arab National Bank (ANB) recorded a 30 percent profit increase for the first nine months of 2003 reaching 589.6 million Saudi riyals ($157 million) compared to SR 452.9 million during the same period in 2002.
All revenue categories registered strong growth between January and September with net interest income increasing by eight percent to SR 1.1 billion, fee income rising by 61 percent to SR 200 million and foreign exchange income going up by 23 percent to SR 71.5 million.
ANB’s total assets increased by 12 percent to reach SR 47.9 billion at the end of September. The bank’s investment portfolio increased by 13 percent to SR 21.9 billion, the loan portfolio grew by 21 percent to SR 19 billion and customer deposits increased by 11 percent to SR 31.2 billion.
ANB was founded in 1980 when the Saudi branches of Jordan’s Arab Bank were capitalized into one of Saudi Arabia’s several foreign joint-venture banks. Arab Bank subscribed to 40 percent of ANB’s capital, and has held that stake ever since. Most of the remaining shares are widely held, except for about 15 percent owned by Rashed A Al-Rashed & Sons. — (menareport.com)
© 2003 Mena Report (www.menareport.com )