ARAB NATIONAL BANK POSTS 52% PROFIT RISE

Info-Prod Research (Middle East), January, 2005

According to Al-Sharq Al-Awsat newspaper (January 24, 2005), Mr. Nemeh Sabbagh, Managing Director and Chief Executive Officer of the Arab National Bank, announced that the Arab National Bank posted a net profit of SR 1,167 million ($ 311 million) in 2004, an increase of 52% over the previous year.

Return on equity also increased from 20.4% last year to 26.6% in 2004. Net interest income increased by 24% and fee income rose by 61% while expenses increased by 11%. General Provisions of SR 321 million were taken, similar to the level of the previous year, thereby increasing the coverage ratio of non- performing loans to 182%. Net Operating income before provisions reached SR 1,488 million, an increase of 37% over the previous year. Loans reached SR 28.5 billion and customer...

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