ANB posts $ 366 m net profit in first half

Arab National Bank (ANB) reported a net profit of $ 366.3 million for the first six months of 2012, compared to $ 342,4 million for the same period last year, an increase of 7.0 percent.
Profits of the second quarter of 2012 reached $ 191.4 million compared to $ 185.9 million for the same period last year, representing an increase of 3.1 percent.
ANB total operating income for the first six months of 2012 reached $ 653.5 million compared to $ 605.9 million for the same period last year, an increase of 7.9 percent. Assets as of June 30, 2012 reached $ 32.1 billion, and investments reached $ 6.4 billion, while the loans portfolio reached $ 21.5 billion and customer deposits reached $ 25.3 billion.
ANB's Chief Executive Officer Robert Eid stated that such good results reflect the strength of the banking sector and the benign economic environment as well as the bank's continued focus on achieving sustainable growth alongside a conservative credit culture.