Riyadh – Mubasher: Saudi Arabia’s Arab National Bank (ANB) on Sunday reported a rise in its annual profits, while earnings for the fourth quarter of 2018 increased by 7.85% year-on-year.

ANB's net profits grew 9.35% to SAR 3.31 billion ($880 million) from January to December last year, compared to SAR 3.03 billion ($810 million) in the same period of 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi lender attributed the rise in annual profits to a 4.1% decline in operating expenses. Moreover, total revenues from special commissions and investments levelled up 13.21% to SAR 6.83 billion, compared to SAR 6.035 billion.

ANB's net income from special commissions and investments jumped 10.42% to SAR 5.15 billion in the twelve-month period ended 31 December 2018, from SAR 4.66 billion in the corresponding months the year before, the statement showed. It added that operational profits grew 2.46%, reaching SAR 6.53 billion, compared to SAR 6.37 billion in 2017.

Earnings per share (EPS) amounted to SAR 3.31 in 2018, up from SAR 3.03 in the previous year.

From October to December 2018, Arab National Bank’s profits reached SAR 684.3 million ($182.43 million), up from SAR 634.5 million ($169.16 million) in the corresponding period of 2017, according to data compiled by Mubasher.

ANB's stock remained unchanged at Sunday’s close at SAR 35.65.