January 2004
Middle East;Jan2004, Issue 341, p38
Saudi Arabia-based Arab National Bank (ANB) recorded a 30% profit increase for the first nine months of 2003 reaching SR589.6 million ($157 million) compared to SR 452.9 million during the same period in 2002. All revenue categories registered strong growth between January and September with net interest income increasing by 8% to SR 1.1 billion, fee income rising by 61 to SR 200 million and foreign exchange income going up by 23% to SR 71.5 million. ANB's total assets increased by 12% to reach SR 47.9 billion at the end of September. The bank's investment portfolio increased by 13% to SR 21.9 billion, the loan portfolio grew by 21% to SR 19 billion and customer deposits increased by 11% to SR 31.2 billion.


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