Riyadh – Mubasher: Arab National Bank (ANB) reported a 23.83% decline in net profits for 2019 to SAR 3.02 billion, compared with 3.97 billion for 2018.

The decline in profits is attributed to restating the net profit for 2018, by adding SAR 1.11 billion representing a settlement agreement between the bank and the General Authority for Zakat and Income Tax (GAZT), whereby all zakat claims were settled for the years before 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

During the fourth quarter (Q4) of last year, net profit after zakat and tax went down SAR 515 million, compared with SAR 1.8 billion in Q4-18.