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ANB posts 15% growth in Q3 profit on lower expenses

2018-10-25 06:44:18 GMT (Economies.com)
 

Arab National Bank (ANB) on Thursday released its financial statements for the third quarter of 2018, which mirrored a 14.8% rise in net profit to SAR 890.1 million, from SAR 775.5 million in prior-year period.

 

The bank’s net investment income reached SAR 1.3 billion, up from SAR 1.2 billion in the third quarter of 2017.

 

The bank ascribed the rise in net profit for the quarter due to the decrease in total operating expenses by 12.4% resulting mainly from the decrease in impairment charges for credit losses and other financial assets, depreciation expenses, salaries and employees related expenses, and general and administrative expenses. 

 

On the other hand, total operating income increased by 0.4% resulting mainly from the increases in net special commission income, net exchange income, and dividend income, according to the bank.

 

Meanwhile, net profit for the first nine months of 2018 reached SAR 2.6 billion, a rise of 9.7% from SAR 2.4 billion.

 
 
 
  Symbol Last Change Chg.%
1.1919
0.0025
0.2093%
1.3385
0.0002
0.0168%
Tadawul
8688.76
21.04
0.24%
23.323
-0.722
3.003%
45.515
2.690
6.281%
48.54
0.68
1.42%
1806.975
-59.535
3.190%
 
 
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