Arab National Bank (ANB) posted on Thursday SAR 628.8 million net profit for the fourth quarter of 2014.

Q4 profit is 17.18% higher year-on-year from SAR 536.6 million but 15.92% lower quarter-on-quarter from SAR 747.9 million.

The lender also recorded 2,875 million net earnings in the 12-month period ending on December 31, 2014, rising 14% compared with SAR 2,522 million a year earlier.

Earnings per share (EPS) grew from SAR 2.52 to SAR 2.88.

Total assets increased by 19.38% to SAR 164,668 million, compared with SAR 137,935 million in 2013.

The bank said the profit rise in Q4 and FY14 y/y to increase in total operating income, adding that Q4 profit decline q/q was due to increase in operating expenses.

Photo Credit: Arabianeye-Reuters