Arab National Bank 2020 profit drops 32% to SAR 2.072 bln
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Arab National Bank (ANB) reported a net profit of SAR 2.072 billion for 2020, down by 32%, compared to SAR 3.023 billion in 2019.
The bank attributed the earnings drop to lower net special commission income, fee and commission income, unrealized gain on investments on Fair Value Through Profit or Loss (FVTPL), and exchange income.
This was partially offset by higher trading income and other operating income.
Total operating expenses also increased by 3.9% due to an increase in allowance charges for expected credit losses and rent, and premises related expenses.
Net Special Commission Income
The bank’s Q4 2020 net profit also plunged by 47% year-on-year (YoY) to SAR 273.7 million.