ANB announces $638m net profit

Arab National Bank (ANB) has reported a net profit of $638 million for the first nine months of 2017, compared to $610 million for the same period last year, an increase of 4.5 percent.
Profits of the third quarter of 2017 reached $206.8 million compared to $192.4 million for the same period last year, representing an increase of 7.5 percent.
ANB total operating income for the first nine months of 2017 reached $1,278 million compared to $1,189 million for the same period last year, an increase of 7.5 percent. Assets as of Sept. 30 reached $43.6 billion, and investments reached $6.9 billion, while the loans portfolio reached $30.9 billion and customers’ deposits reached $34.3 billion.
Robert Eid, managing director and chief executive, said: “The increase in the bank’s profits resulted principally from balanced growth in various business lines, and its conservative risk management culture.”