Dubai, UAE — Arab National Bank (ANB) reported a 51 percent growth in net profit to SAR 2.05 billion ($546 million) for the first half of 2023 from SAR 1.35 billion in the year-ago period.
The profit growth was backed by better net special commission income, net gains from investments held for non-trading purposes, net fees and commission income, net other operating income and net FX income, Argaam reported.
The bank reported an increase in the net provisions for expected credit losses and other provisions, as well as salaries and employee-related expenses. General and administrative expenses (G&A) also went up.
The net provisions (reversals) for expected credit and other losses rose 30 percent to nearly SAR 566 million as of June 30, 2023, compared to SAR 437 million a year earlier, Argaam said.
The second-quarter net profit jumped 39 percent to SAR 986 million from SAR 707.69 million in Q2 2022.
The quarterly net profit decreased 7.7 percent from SAR 1.06 billion in Q1 2023.