The Clap
The Arab National Bank (1080) recorded a net profit of SAR 1.07 billion during Q1 2023, compared to SAR 651 million in Q1 2022.
What
ANB explained that its net profits increased in Q1 due to the growth in net special commission income, net gains from selling investments held for non-trading purposes, and net income from fees and commissions.
So What
In Q1 2023, gross operating profit increased by 50% YoY, while total special commission income from financing and investments jumped by 46% YoY.
Now What
Salah Rashid Al Rashed, ANB Chairman, stated that the bank continued its strong financial performance as a result of its commitment to its strategic approach.
This approach is based on enriching customer experience and enhancing the quality and effectiveness of its operational processes as it moves towards digital transformation and investing in the human element to stimulate its competitiveness and increase its market share.
