Saudi Arabia’s Arab National Bank (ANB) recently announced that its net income increased by 36 percent to 154 million Saudi riyals ($41 million) in the first quarter 2002 and its net operating income rose by 10 percent to SR196 million as compared with the first quarter of last year, stated a press release.
Net interest income grew by 13 percent to SR331 million and foreign exchange income increased by seven percent to SR17 million. The bank also realized one off capital gains of SR24 million. Loan loss provisions were maintained at the same level as last year. Earnings per share rose from SR3.15 last year to SR4.27.
During the quarter, the bank launched a series of new initiatives; one was the Manafah Al-Arabi package program directed at salaried customers. Members of this program enjoy a host of services and benefits at preferential terms. The bank also launched a new Islamic banking product to its retail customer base under the name Al-Tawaruq Al-Mubarak, which provides a new form of Shariah compliant consumer financing. ANB has recently launched an Internet banking service for its corporate customers.
ANB is one of the ten commercial banks in the Kingdom of Saudi Arabia. It was established in 1980 upon the nationalization of the six branches of the Arab Bank of Jordan. The Arab Bank owns 40 percent of the shares of ANB while the remaining 60 percent is owned by 5,000 Saudi Nationals. The bank’s network has grown to 117 branches including one branch in London. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
