ARAB NATIONAL BANK POSTS 30% PROFIT RISE

Info-Prod Research (Middle East), October, 2003

According to Al-Watan newspaper (October 12, 2003), the Arab National Bank, based in Saudi Arabia, announced that profits for the first nine months of the current year increased by 30% from SR 452.9 million to SR 589.6. The bank also reported that all revenue categories registered strong growth with net interest income increasing by 8% to SR 1.1 billion, fee income rising by 61% to SR 200 million and foreign exchange income going up by 23% to SR 71.5 million.

No capital gains were achieved this year compared to SR 38.4 million last year. Expenses during the period declined by 1% to SR 823 million. Net Operating income for the nine months reach SR 796.3 million.