Arab National Bank “ANB” (1080) saw its net income exceed SAR one billion during Q3, marking a 15% YoY profit increase.
Details
The Saudi bank, 40% owned by Jordan’s Arab Bank, attributed its profit growth in the third quarter of this year to an increase in net income from commissions.
This was driven by a rise in net income from fees and commissions, as well as trading income, alongside a decrease in net provisions for expected credit losses.
So what
The bank witnessed a 16.5% YoY increase in total net income from financing commissions from July to September 2024 to over SAR 3 billion.
Some context
Net profit for ANB surged by 18.5% YoY during the period ending September 30 to reach SAR 3.7 billion.
Earnings per share rose to SAR 1.86, compared to SAR 1.56 in the same period last year.
