RIYADH: Arab National Bank announces its interim condensed financial results for the period ended Sept. 30, 2011.
Net profit for the third quarter reached SR519.2 million compared to SR346.5 million for the same period last year representing an increase of 49.8 percent, and compared to SR696.7 million for the previous quarter with a decrease of 25.5 percent.
Total operating income for the third quarter of 2011 reached SR1,146 million compared to SR1,130 million for the same period last year, an increase of 1.4 percent.
Net special commission income reached SR782 million for the third quarter compared to SR779 million for the same quarter last year, representing an increase of 0.4 percent.
Net profit for the nine months reached SR1,803 million compared to SR1,610 million for the same period last year representing an increase of 12 percent.
The earning per share for the nine months reached SR2.12 compared to SR1.89 for the same period last year.
Total operating income for the nine months of 2011 reached SR3,418 million compared to SR3,369 million for the same period last year, an increase of 1.5 percent.
Net special commission income for the nine months reached SR2,382 million compared to SR2,358 million for the same period last year, representing an increase of 1 percent.
By September 30, 2011, assets reached SR116.7 billion against SR101.4 billion for the same period last year representing an increase of 15.1 percent.
Investments reached SR26.8 billion compared to SR17.5 billion for the same period last year representing an increase of 53.1 percent, while the loans portfolio reached SR71.7 billion against SR65.3 billion for the same period last year representing an increase of 9.8 percent.
Customer deposits reached SR85.8 billion against SR77.4 billion for the same period last year representing an increase of 10.8 percent.
Increase in profits of the first nine months of 2011 compared to the first nine months of 2010 was due to the increase in fees from banking services resulting from the bank's business growth, while the decrease in net profit during the third quarter of this year compared to the previous quarter to the increase in operating expenses.
Earning per share for the first nine months of 2010 was recalculated to become SR1.89 to reflect the increase in the bank's capital from 650 million shares to 850 million shares as approved by the extra general assembly in its meeting held at March 27, 2010.
© Arab News 2011
