Arab National Bank (ANB) reported a net profit of SAR 1.358 billion in the first six months of 2022, a jump of 29%, compared to SAR 1.055 billion in the year-earlier period.
The increase in earnings was driven by higher net special commission income, dividend income, net exchange income and net trading income. Net other operating income and net gains on fair value through statement of income (FVSI) financial instruments also grew during the period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 2,309.73 | 2,494.31 | 8.0 % |
| Operating Income | 2,804.37 | 3,128.15 | 11.5 % |
| Total Provisions | (625.68) | (440.82) | 29.5 % |
| Net Income | 1,054.99 | 1,358.42 | 28.8 % |
| Average Shares | 2,000.00 | 2,000.00 | - |
| EPS (Riyals) | 0.53 | 0.68 | 28.8 % |
| EPS Diluted (Riyals) | 0.53 | 0.68 | 28.8 % |
The bank’s Q2 2022 net profit increased by 50% year-on-year (YoY) to SAR 707.7 million, supported by higher net special commission income, dividend income, net exchange income, and net gains on FVSI financial instruments.
The bank also cited increased net trading income, as well as net fees and commission income.
On a sequential basis, net profit rose 8.8% from SAR 650.72 million.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,130.18 | 1,309.80 | 15.9 % |
| Operating Income | 1,381.21 | 1,673.62 | 21.2 % |
| Debt Provisions | (290.67) | (288.81) | 0.6 % |
| Net Income | 472.76 | 707.69 | 49.7 % |
| Average Shares | 2,000.00 | 2,000.00 | - |
| EPS (Riyals) | 0.24 | 0.35 | 49.7 % |
| EPS Diluted (Riyal) | 0.24 | 0.35 | 49.7 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,184.51 | 1,309.80 | 10.6 % |
| Operating Income | 1,454.53 | 1,673.62 | 15.1 % |
| Debt Provisions | (152.01) | (288.81) | (90.0 %) |
| Net Income | 650.72 | 707.69 | 8.8 % |
| Average Shares | 2,000.00 | 2,000.00 | - |
| EPS (Riyals) | 0.33 | 0.35 | 8.8 % |
| EPS Diluted (Riyal) | 0.33 | 0.35 | 8.7 % |
Total shareholders’ equity, excluding minority interest, stood at SAR 31.028 billion by the end of H1 2022, compared to SAR 30.032 billion in a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Assets | 181.88 | 209.83 | 15.4 % |
| Customer Deposits | 130.22 | 146.79 | 12.7 % |
| Loan | 117.83 | 143.06 | 21.4 % |
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