ANB registers net profit of $384m

Manama, July 22, 2009

Arab National Bank (ANB) earned a net profit of $384.2 million for the first half of the year, a 1.1 per cent increase on the $379.7 million it posted for the same period last year.

Total operating income at the Saudi Arabian bank increased by 6.5 per cent to reach $631.7 million, and net special commission income increased by 4.4 per cent to reach $481.6 million.

Net profit of the second quarter reached $198.9 million compared to $200.5 million for the same period last year, a decline of 0.8 per cent.

The bank continued to maintain strong ratios. Assets increased by 4.3 per cent to reach $30.69 billion, investments grew by 23.7 per cent to $7.36 billion.

The loan portfolio rose by 1.8 per cent to $18.98 billion and customer's deposits grew by 0.4 per cent to $22.72 billion.

'The half yearly results are a reflection of the bank's conservative culture and policy of balanced growth,' said managing director and chief executive officer Dr Robert Eid.-TradeArabia News Service

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