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Arab National Bank announces its Interim Financial Results for the Period Ending on 2024-03-31 ( Three Months )

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1445/10/19     28/04/2024 08:47:49

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Total Income From Special Commission of Financing 2,8622,29724.5972,7573.808
Total Income From Special Commission of Investment 62556011.607638-2.037
Net Income From Special Commission of Financing 1,4871,3589.4991,3897.055
Net Income From Special Commission of Investment 4414068.62476-7.352
Total Operations Profit (Loss) 2,3092,1805.9172,09610.162
Net Profit (Loss) before Zakat and Income Tax 1,4171,23314.9221,10528.235
Net Profit/(Loss) 1,2361,06815.7394131.349
Total Comprehensive Income 1,0571,136-6.9541,337-20.942
Total Operating Expenses Before Provisions for Credit and Other Losses 73065910.773792-7.828
Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net 162298-45.637182-10.989
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Assets 232,146214,0428.458
Investments 47,62441,78813.965
Loans And Advances Portfolio (Financing And Investment) 157,875144,7279.084
Clients' deposits 174,541155,24712.427
Total Shareholder’s Equity (After Deducting The Minority’s Rights) 35,17032,6447.738
Profit (Loss) per Share 0.820.71
All figures are in (Millions) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Millions) Saudi Arabia, Riyals


Element ListExplanation
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 9.3% is due to increase in net loans and advances portfolio by 9.1% and increase in net investments portfolio by 14% in addition to the increase in interest rates.
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 14.9% against the same quarter of prior year. This increase is mainly due to net special commission income, net fees and commission income, net gains/ (losses) on FVSI financial instruments, dividend income, net other operating income, and decreases in net impairment charge for expected credit losses 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 on sale of investments in non-trading instruments, net exchange income and net trading 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 period.
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 3.3% is due to increase in net loans and advances portfolio by 3.7% and increase in net investments portfolio by 2%.
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 28.2% against the last quarter. This increase is mainly due to net fees and commission income, net special commission income, net gains / (losses) on FVSI financial instruments, net trading income, dividend income, net other operating income, net gains on sale of investments in non-trading instruments, and decreases in net impairment charge for expected credit losses and other provisions, other general and administrative expenses and premises related expenses.

Offset by the increase in depreciation and amortisation, salaries and employee related expenses, and decreases 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 previous quarter is The decrease is mainly due to that no need to create additional provisions against the other 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 for the periods ended March 31, 2024 and 2023 are calculated by dividing the net income for the period attributable to the equity holders of the Bank by 1,500 million shares. The diluted earnings per share is the same as the basic earnings per share.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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