Saudi lender Arab National Bank posts higher quarterly profit of $173m

RIYADH: Saudi Arabia’s Arab National Bank has posted a 12 percent increase in profit during the first quarter of 2022.

The bank recorded a net profit of SR650 million ($173 million), compared to SR582 million in the same period a year earlier, according to a bourse filing.

The profit growth was primarily attributed to higher gains from special commissions, financing and investment activities, along with a rise in net exchange and trading income.

The value of the bank’s assets grew by 15 percent on the year to SR205 billion, with deposits rising 18 percent.

Founded in 1979, Riyadh-based Arab National Bank is one of the ten largest in the Middle East, operating through 156 branches in the Kingdom.