Saudi Arabia’s Arab National Bank (ANB) announced its financial results for the first nine months of 2002 with net income increasing by 24 percent to 453 million Saudi riyals ($120.8 million), compared to the same period last year.
The increase in net income is a result of balanced growth across all revenue generating areas and continues the steady solid growth pattern of previous periods, according to a company press release. Net interest income increased by 13 percent, total operating revenue was up by 14 percent and one-off capital gains of SR38 million were recorded.
Continuing its conservative loan provisioning policy, the bank took discretionary provisions of SR245 million during the period, further bolstering the bank’s overall financial strength, the bank release stated.
”During the past nine months we have launched new investment funds in collaboration with Goldman Sachs and have been able to increase the size of assets under management by 33 percent.” Said ANB’s Managing Director Nemeh Sabbagh. “The bank will be staging for its clients in the middle of October three regional seminars in collaboration with Goldman Sachs on the “Investment Environment And Opportunities - 2003”.
Customer deposits at the end of September grew by eight percent from this period last year to reach SR28.3 billion, loans and advances increased by 16 percent to reach SR15.7 billion and the investment portfolio grew by 13 percent to SR19.4 billion. In July ANB won the Global Finance award for Best Consumer Internet Bank in Saudi Arabia and the Middle East/ Africa for 2002.
Arab National Bank is headquartered in Riyadh, Saudi Arabia, and had total assets of 41.9 billion Saudi riyals ($11.2 billion) as at June 30, 2002. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
