Arab National Bank announces its Interim Financial Results for the Period Ending on 2024-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Income From Special Commission of Financing | 2,934 | 2,504 | 17.172 | 2,862 | 2.515 |
| Total Income From Special Commission of Investment | 620 | 568 | 9.154 | 625 | -0.8 |
| Net Income From Special Commission of Financing | 1,476 | 1,361 | 8.449 | 1,487 | -0.739 |
| Net Income From Special Commission of Investment | 466 | 403 | 15.632 | 441 | 5.668 |
| Total Operations Profit (Loss) | 2,335 | 2,088 | 11.829 | 2,309 | 1.126 |
| Net Profit (Loss) before Zakat and Income Tax | 1,439 | 1,163 | 23.731 | 1,417 | 1.552 |
| Net Profit/(Loss) | 1,231 | 986 | 24.847 | 1,236 | -0.404 |
| Total Comprehensive Income | 1,003 | 1,066 | -5.909 | 1,057 | -5.108 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 737 | 674 | 9.347 | 730 | 0.958 |
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 167 | 268 | -37.686 | 162 | 3.086 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Income From Special Commission of Financing | 5,796 | 4,801 | 20.724 |
| Total Income From Special Commission of Investment | 1,245 | 1,128 | 10.372 |
| Net Income From Special Commission of Financing | 2,962 | 2,718 | 8.977 |
| Net Income From Special Commission of Investment | 907 | 809 | 12.113 |
| Total Operations Profit (Loss) | 4,645 | 4,268 | 8.833 |
| Net Profit (Loss) before Zakat and Income Tax | 2,856 | 2,396 | 19.198 |
| Net profit (Loss) | 2,466 | 2,054 | 20.058 |
| Total Comprehensive Income | 2,059 | 2,202 | -6.494 |
| Assets | 234,752 | 215,984 | 8.689 |
| Investments | 48,128 | 44,645 | 7.801 |
| Loans And Advances Portfolio (Financing And Investment) | 161,612 | 148,852 | 8.572 |
| Clients' deposits | 175,586 | 158,378 | 10.865 |
| Total Shareholders Equity (after Deducting Minority Equity) | 36,172 | 33,710 | 7.303 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 1,467 | 1,333 | 10.052 |
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 328 | 566 | -42.049 |
| Profit (Loss) per Share | 1.23 | 1.03 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in special commission income during the current quarter compared to the same quarter of the last year is | Increase in net special commission income by 10.1% is due to increase in net loans and advances portfolio by 8.6% and increase in net investments portfolio by 7.8%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net income before Zakat and income tax increased by 23.7% against the same quarter of prior year. This increase is mainly due to net special commission income, net fees and commission income, net trading income, dividend income, net gains/ (losses) on non-trading instruments and decreases in net allowance charges for ECL and other provisions.
Offset by the increase in salaries and employee related expenses, other general and administrative expenses, depreciation and amortisation, premises related expenses and decreases in net gains/ (losses) on FVSI financial instruments, net other operating income and net exchange income. |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the same quarter of the last year is | The decrease is due to the improvement of the portfolio quality, and the IFRS 9 ECL model output results during the current quarter. |
| The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is | Increase in net special commission income by 1% is due to increase in net loans and advances portfolio by 2.4% and increase in net investments portfolio by 1.1%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter is | Net income before Zakat and income tax increased by 1.6% against the previous quarter. This increase is mainly due to net trading income, net special commission income, net fee and commission income, net exchange income, dividend income, and decreases in depreciation and amortisation and salaries and employee related expenses.
Offset by the increase other general and administrative expenses, net impairment charge for expected credit losses and other provisions, premises related expenses, and decreases in net gains / (losses) on FVSI financial instruments, net other operating income, net exchange income and net gains/ (losses) on non-trading instruments. |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the previous quarter is | The increase is due to the increase of the IFRS 9 ECL model output results during the current quarter compared to the previous quarter. |
| The reason of the increase (decrease) in special commission income during the current period compared to the same period of the last year is | Increase in net special commission income by 9.7% is due to increase in net loans and advances portfolio by 8.6% and increase in net investments portfolio by 7.8%. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net income before Zakat and Income tax increased by 19.2% against the last period. This increase is mainly due to net special commission income, net Fee and commission income, net trading income, dividend income and net gains/ (losses) on FVSI financial instruments and net other operating income and decreases in net impairment charge for expected credit losses and other provisions and impairment charges on other real estate owned.
Offset by the increase salaries and employee related expenses, other general and administrative expenses, depreciation and amortisation and premises related expenses and decreases in net gains/ (losses) on non-trading instruments and net exchange income. |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current period compared to the same period of the last year is | The decrease is due to the improvement of the portfolio quality, and the IFRS 9 ECL model output results during the period and due to the assessment that no need to create additional provisions against the real estate owned. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Certain prior period figures have been reclassified to conform with current period presentation, which are not material in nature to the interim condensed consolidated financial statements. |
| Additional Information | Basic and diluted earnings per share are calculated by dividing the net income for the period attributable to the equity holders of the Bank for the periods ended June 30, 2024 by 2,000 million shares (June 30, 2023: 2,000 million shares). The comparative information basic and diluted earnings per share were restated to reflect the impact of the issue of bonus shares during the current period. The diluted earnings per share is the same as the basic earnings per share. |
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