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ANB registers 46% lower profits in Q2

ANB registers 46% lower profits in Q2
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-0.85% 20.92 -0.18

Riyadh – Mubasher: Arab National Bank (ANB) reported a 45.65% decline in net profit during the second quarter (Q2) of 2020 to SAR 486 million from SAR 894.2 million in Q2-19, as shown by the bank’s interim financial results.

The decrease in net profit is due to the decrease in total operating income by 15.2%, which resulted mainly from a decrease in net special commission income, net fee and commission income, and unrealized gains on FVTPL financial instruments.

In addition, the bank saw a decrease in the share of earnings from associates, which was offset by an increase in exchange income, trading income, dividend income and other operating income.

Total operating expenses increased by 21.5%, as a result of a higher impairment charge for credit losses, impairment charges for other financial assets, and other general and admin expenses.

For the first half (H1) of the year, the bank registered a 32.5% lower net profit, as profits amounted to SAR 1.13 billion, compared with SAR 1.67 billion in the same period last year.

Profit per share reached SAR 0.75 in H1-20, compared with SAR 1.11 in H1-19.