Arab National Bank (ANB or the Bank) reported a net profit before zakat and income tax of USD 947 million for 2019 compared to USD 883 million in 2018, an increase of 7.3%.
ANB total operating income reached USD 1,795 million compared to USD 1,743 million for the same period last year, an increase of 3%, whereas net special commission income reached USD 1,481 million against USD 1,374 million for the same period last year, an increase of 7.8%.
Net profit after zakat and income tax reached USD 806 million compared to USD 1,058 million last year.
It is worth mentioning that the decrease in net profit after zakat and income tax in 2019 resulted from the change in the accounting standards relating to zakat and income tax and not reflecting a real decrease in profits. Due to the settlement reached with the General Authority of Zakat and Tax (GAZT) in 2018 for the period 2006 – 2017, a saving of USD 297 million was achieved, which in turn resulted in an increase of the same amount in 2018 equity. With the change in the accounting standards for reclassifying zakat and income tax to the statement of income instead of shareholders' equity in 2018, the amount of USD 297 million was recognized in the statement of income, accordingly, the 2018 net income was amplified by the same amount to reach USD 762 million before the settlement and USD 1,058 million after the settlement.
By the end of 2019, assets reached USD 48.9 billion compared to USD 47.6 billion for the same period last year, and investments reached USD 10.1 billion compared to USD 7.4 billion last year an increase of 36.5%, while the loans portfolio reached USD 31.7 billion against USD 32.3 billion for the same period last year, a decrease of 1.8% and customers’ deposits reached USD 37.9 billion maintaining the same level of last year.
World Finance, the London-based internationally reputed financial and banking industry magazine, named Arab National Bank “Best Retail Bank in Saudi Arabia – 2019” for the second year in a row. The magazine also named ANB Invest, the investment arm of the bank, the “Most Focused Brokerage House in MENA”.
Dr. Robert Eid, Managing Director and CEO of Arab National Bank, expressed his pride in this achievement, which is a result of the bank’s relentless efforts of investing in cutting edge technology, expanding the digital branch network, and developing ADCs to keep pace with the digital transformation in line with the Kingdom's Vision 2030.
Commenting on the “Most Focused Brokerage House in MENA” Award, Bassam Al Mubarak, CEO of ANB Invest, was quoted as saying: “Winning the coveted Award bears testimony to success of the Company’s strategy which focuses on providing an excellent customer service, anticipating and delivering on their expectations, and providing an integral platform of premium quality services and investment solutions, delivered by seasoned professionals”.
World Finance is an international bi-monthly print and online magazine providing comprehensive coverage and analysis of the financial industry, international business and the global economy. The Magazine grants annual awards to various banking and investment sectors around the globe thru a panel of judges comprising an elite group of subject matter experts. Determination of the winners for this year was based on a set of core standards, including institution’s ability to return sustainable, consistent growth rates, plan effectively, innovate new products and services, and enrich customer relationship and experience.
Riyadh, Date: 6/11/ 2019 – Arab National Bank (“ANB”), and Ria Money Transfer (“Ria”), a subsidiary of Euronet Worldwide and the second largest cross-border money transfer company in the world, have announced their partnership to facilitate money transfer payout services in Saudi Arabia.
The agreement allows Arab National Bank customers in Saudi Arabia to send money to beneficiaries in India through ANB´s 96 dedicated TeleMoney centers located in the Kingdom.
Anwar Al-Murshed, Head of TeleMoney, said, “This partnership comes in parallel with our relentless efforts to expand our outreach and further enhance our remittance services to India. Beneficiaries can now easily transfer money, offering greater convenience for their families and friends to collect cash within minutes across India.”
“Ria is a global money transfer leader, with the second largest network in the world and a resolute determination to keep setting a higher standard in remittance delivery for our customers,” said Juan Bianchi, CEO of Euronet’s Money Transfer Segment. “Through this strategic partnership, Ria will continue to strengthen its presence in both Saudi Arabia and India. We look forward to working together to provide fast and efficient remittance services where they are needed the most.”
Manuel Villena, Middle East Managing Director for Ria, added: “At Ria, our goal is to ensure our customers can find us anywhere they go and can use our money transfer services to move funds wherever they are needed most. We are thrilled to continue expanding on this front with the help of a leading institution as is the Arab National Bank. We are certain this product offering will prove beneficial to both existing and potential customers in Saudi Arabia.”
Arab National Bank (ANB) reported a net profit of USD 668.8 million for the first nine months of 2019, compared to USD 571.4 million for the same period last year, an increase of 17.0%.
Profits of the third quarter of 2019 reached USD 222.6 million compared to USD 195.0 million for the same period last year, representing an increase of 14.2%.
ANB total operating income for the first nine months of 2019 reached USD 1,361.0 million compared to USD 1,296.9 million for the same period last year, an increase of 4.9%.
Assets as of September 30, 2019 reached USD 45.6 billion, and investments reached USD 9.1 billion, while the loans portfolio reached USD 31.4 billion and customers’ deposits reached USD 34.9 billion.