ANB records 30% profit increase for first nine months of 2003
Middle East, The, Jan, 2004
* Saudi-based Arab National Bank (ANB) recorded a 30% profit increase for the first nine months of 2003 reaching SR589.6m ($ 157m) compared to SR 452.9m during the same period in 2002. All revenue categories registered strong growth between January and September with net interest income increasing by 8% to SR 1.1bn, fee income rising by 61% to SR 200m and foreign exchange income going up by 23% to SR 71.5m.
ANB's total assets increased by 12% to reach SR 47.9bn at the end of September. The bank's investment portfolio increased by 13% to SR 21.9bn, the loan portfolio grew by 21% to SR 19bn and customer deposits increased by 11% to SR 31.2bn.
ANB was founded in 1980 when the Saudi branches of Jordan's Arab Bank were capitalised into one of Saudi Arabia's several foreign joint-venture banks.
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