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15-02-23
Arab National Bank’s net revenue surges 41 percent to reach USD820M last year
(MENAFN) Arab National Bank, one of the leading lenders in Saudi Arabia, registered a 41 percent rise in net income to reach SR3.07 billion (USD820 million) for last year– increasing from SR2.17 billion in 2021.
“This increase is mainly due to an increase in net special commission income, net exchange income, dividend income, net fees and commission income, net other operating income, net trading income and a decrease in the net impairment charge for expected credit losses,” the firm stated in an announcement to Saudi Stock Exchange.
It additionally mentioned that the net revenue was, however, disturbed by a rise in additional general and governmental expenses, salaries as well as employee-related costs.
The additional aspects that effected its net revenue involve depreciation and amortization, rent as well as premises-associated expenses. The bank also asserted that it registered declines in net earnings on the sale of funds in non-exchange instruments as well as net gains on economic instruments hosted at fair value via announcement of profit.
MENAFN15022023000045014228ID1105575986
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