ANB net profit up 2.5% to $204.8 million in Q1

ANB net profit up 2.5% to $204.8 million in Q1

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Dr. Robert Eid
Dr. Robert Eid

ARAB National Bank reported a net profit of $204.8 million for the first quarter of 2017 compared to $199.8 million for the same period last year, an increase of 2.5% and total operating income for the first quarter of 2017 reached $394.8 million compared to $385.9 million for the same period last year, an increase of 2.3%.

Earnings per share for the first three months reached $0.21 compared to $0.20 for the same period last year. ANB assets as of March 31, 2017 reached $44.9 billion against $44.4 billion for the same period last year representing an increase of 1.1%. Investments reached $6.7 billion compared to $6.3 billion for the same period last year, while the loans portfolio reached $30.9 billion and customer deposits reached $35.2 billion.

Commenting on the bank’s results, Dr. Robert Eid, Managing Director and Chief Executive Officer, said “the increase in the bank’s profits resulted principally from balanced growth in various business lines, and its conservative risk management culture.” — SG

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