Arab National Bank : announced a net profit of SAR 2,171million for 2011

Arab National Bank announced a net profit of SAR 2,171million for 2011
1/14/2012

Arab National Bank announced a net profit of SAR 368 million in the fourth quarter of 2011 compared to SAR 301 million for the same period last year, an increase of 22%. ANB net profit for 2011 reached SAR 2,171 million compared to SAR 1,911 million for 2010, representing an increase of 13.6%.
Total operating income reached SAR 4,541 million compared to SAR 4,504 million for the same period last year, an increase of 0.8% . Net special commission income reached SAR 3,181 million compared to SAR 3,158 million for the same period last year, representing an increase of 0.7%. The earnings per share reached SAR 2.55 compared to SAR 2.25 for the same period last year.
By the end of 2011, assets reached SAR 117.6 billion against SAR 116.0 billion for the same period last year representing an increase of 1.3%. Investments reached SAR 26.1 billion compared to SAR 32.8 billion for the same period last year representing a decrease of 20.4%, while the loans portfolio reached SAR 72.8 billion against SAR 66.2 billion for the same period last year representing an increase of 10.0%. Customers' deposits reached SAR 87.9 billion against 84.2 billion for the same period last year representing an increase of 4.3%.

Commenting on the Bank's results, Dr. Robert Eid, Managing Director and Chief Executive Officer said; "the increase in the Bank's profits resulted principally from balanced growth in various business lines, and its conservative risk management culture."