Riyadh – Mubasher: Arab National Bank (ANB) reported a 12.7% year-on-year profit growth in the first quarter of 2019.
ANB’s net profits amounted to SAR 920.1 million ($245.71 million) in Q1-19, compared to SAR 816.5 million ($218.04 million) in the corresponding period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The net profit growth was attributed to the 6.5% increase in total operating income driven by higher net special commission income, net unrealized gain on fair value through profit and loss (FVTPL) financial instruments, and dividend income.
Quarter-on-quarter, the bank’s net profits surged 34.4% from SAR 684.5 million in Q4-18.
On the other hand, ANB’s investments retreated 1.4% to SAR 30.96 million in Q1-19, compared to SAR 31.4 billion in the year-ago period.
For the full-year 2018, ANB’s profits rose 9.35%, logging SAR 3.31 billion from SAR 3.03 billion in the prior year.
