News Room

OCT
08
Arab National Bank appoints Obaid Al-Rasheed as CEO

Arab National Bank's Board of Directors announced the appointment of Obaid Abdullah Al-Rasheed to the position of Managing Director and Chief Executive Officer of the Bank, as of
1/2/2021, to succeed Dr. Robert Maroun Eid, who recently submitted his resignation due to his special circumstances.

Obaid Al-Rasheed has held the position of Deputy CEO for Private Banking and Retail Banking at the bank, since 2011, and he has more than 30 years of banking experience, during which he held many leadership positions in the bank. He holds a BA in Business Administration received in 1983 from San Jose State University, California, United States of America.

Arab National Bank's Board of Directors announced the appointment of Obaid Abdullah Al-Rasheed to the position of Managing Director and Chief Executive Officer of the Bank, as of
1/2/2021, to succeed Dr. Robert Maroun Eid, who recently submitted his resignation due to his special circumstances.

Obaid Al-Rasheed has held the position of Deputy CEO for Private Banking and Retail Banking at the bank, since 2011, and he has more than 30 years of banking experience, during which he held many leadership positions in the bank. He holds a BA in Business Administration received in 1983 from San Jose State University, California, United States of America.

Posted on 10/8/2020
OCT
08
Nizar Al-Tuwaijri Deputy Managing Director

ANB Board of Directors announced the appointment of Mr. Nizar Abdulaziz Al-Tuwaijri as deputy Managing Director, effective 01/02/2021.

Al-Tuwaijri worked in the banking sector for more than 20 years, during which time he rose to various positions in the bank until he assumed the position of Head of Corporate Banking since 2017.

He holds a master's degree in business administration from the University of Maine and a bachelor's degree in information systems from King Saud University.

ANB Board of Directors announced the appointment of Mr. Nizar Abdulaziz Al-Tuwaijri as deputy Managing Director, effective 01/02/2021.

Al-Tuwaijri worked in the banking sector for more than 20 years, during which time he rose to various positions in the bank until he assumed the position of Head of Corporate Banking since 2017.

He holds a master's degree in business administration from the University of Maine and a bachelor's degree in information systems from King Saud University.

Posted on 10/8/2020
AUG
25
ANB announced a net profit of USD 301.3 million in the first half of 2020

Arab National Bank reported a net profit of USD 301.3 million for the first six months of 2020, compared to USD 446.2 million for the same period last year.

Profits of the second quarter of 2020 reached USD 129.6 million compared to USD 238.5 million for the same period last year.

ANB total operating income for the first six months of 2020 reached USD 789.1 million compared to USD 897.9 million for the same period last year.

 Assets as of June 30, 2020 reached USD 49.9 billion, and investments reached USD 11.5 billion, while the loans portfolio reached USD 31.2 billion and Customer deposits reached USD 35.7 billion.

Arab National Bank reported a net profit of USD 301.3 million for the first six months of 2020, compared to USD 446.2 million for the same period last year.

Profits of the second quarter of 2020 reached USD 129.6 million compared to USD 238.5 million for the same period last year.

ANB total operating income for the first six months of 2020 reached USD 789.1 million compared to USD 897.9 million for the same period last year.

 Assets as of June 30, 2020 reached USD 49.9 billion, and investments reached USD 11.5 billion, while the loans portfolio reached USD 31.2 billion and Customer deposits reached USD 35.7 billion.

Posted on 8/25/2020
FEB
26
Arab National Bank reports net profit before zakat and income tax of USD 947 million for 2019

 

Arab National Bank (ANB or the Bank) reported a net profit before zakat and income tax of USD 947 million for 2019 compared to USD 883 million in 2018, an increase of 7.3%.

ANB total operating income reached USD 1,795 million compared to USD 1,743 million for the same period last year, an increase of 3%, whereas net special commission income reached USD 1,481  million against USD 1,374 million for the same period last year, an increase of 7.8%.

Net profit after zakat and income tax reached USD 806 million compared to USD 1,058 million last year.

 

 It is worth mentioning that the decrease in net profit after zakat and income tax in 2019 resulted from the change in the accounting standards relating to zakat and income tax and not reflecting a real decrease in profits. Due to the settlement reached with the General Authority of Zakat and Tax (GAZT) in 2018 for the period 2006 – 2017, a saving of USD 297 million was achieved, which in turn resulted in an increase of the same amount in 2018 equity. With the change in the accounting standards for reclassifying zakat and income tax to the statement of income instead of shareholders' equity in 2018, the amount of USD 297 million was recognized in the statement of income, accordingly, the 2018 net income was amplified by the same amount to reach USD 762 million before the settlement and USD 1,058 million after the settlement.

By the end of 2019, assets reached USD 48.9 billion compared to USD 47.6 billion for the same period last year, and investments reached USD 10.1 billion compared to USD 7.4 billion last year an increase of 36.5%, while the loans portfolio reached USD 31.7 billion against USD 32.3 billion for the same period last year, a decrease of 1.8%  and customers’ deposits reached USD 37.9 billion maintaining the same level of last year.

 

Arab National Bank (ANB or the Bank) reported a net profit before zakat and income tax of USD 947 million for 2019 compared to USD 883 million in 2018, an increase of 7.3%.

ANB total operating income reached USD 1,795 million compared to USD 1,743 million for the same period last year, an increase of 3%, whereas net special commission income reached USD 1,481  million against USD 1,374 million for the same period last year, an increase of 7.8%.

Net profit after zakat and income tax reached USD 806 million compared to USD 1,058 million last year.

 

 It is worth mentioning that the decrease in net profit after zakat and income tax in 2019 resulted from the change in the accounting standards relating to zakat and income tax and not reflecting a real decrease in profits. Due to the settlement reached with the General Authority of Zakat and Tax (GAZT) in 2018 for the period 2006 – 2017, a saving of USD 297 million was achieved, which in turn resulted in an increase of the same amount in 2018 equity. With the change in the accounting standards for reclassifying zakat and income tax to the statement of income instead of shareholders' equity in 2018, the amount of USD 297 million was recognized in the statement of income, accordingly, the 2018 net income was amplified by the same amount to reach USD 762 million before the settlement and USD 1,058 million after the settlement.

By the end of 2019, assets reached USD 48.9 billion compared to USD 47.6 billion for the same period last year, and investments reached USD 10.1 billion compared to USD 7.4 billion last year an increase of 36.5%, while the loans portfolio reached USD 31.7 billion against USD 32.3 billion for the same period last year, a decrease of 1.8%  and customers’ deposits reached USD 37.9 billion maintaining the same level of last year.

Posted on 2/26/2020
DEC
22
ANB and ANB Invest win two prestigious awards

 

 

 

 

World Finance, the London-based internationally reputed financial and banking industry magazine, named Arab National Bank “Best Retail Bank in Saudi Arabia – 2019” for the second year in a row. The magazine also named ANB Invest, the investment arm of the bank, the “Most Focused Brokerage House in MENA”.

 

Dr. Robert Eid, Managing Director and CEO of Arab National Bank, expressed his pride in this achievement, which is a result of the bank’s relentless efforts of investing in cutting edge technology, expanding the digital branch network, and developing ADCs to keep pace with the digital transformation in line with the Kingdom's Vision 2030.

 

Commenting on the “Most Focused Brokerage House in MENA” Award, Bassam Al Mubarak, CEO of ANB Invest, was quoted as saying: “Winning the coveted Award bears testimony to success of the Company’s strategy which focuses on providing an excellent customer service, anticipating and delivering on their expectations, and providing an integral platform of premium quality services and investment solutions, delivered by seasoned professionals”.

 

World Finance is an international bi-monthly print and online magazine providing comprehensive coverage and analysis of the financial industry, international business and the global economy. The Magazine grants annual awards to various banking and investment sectors around the globe thru a panel of judges comprising an elite group of subject matter experts. Determination of the winners for this year was based on a set of core standards, including institution’s ability to return sustainable, consistent growth rates, plan effectively, innovate new products and services, and enrich customer relationship and experience.

 

 

 

 

 

World Finance, the London-based internationally reputed financial and banking industry magazine, named Arab National Bank “Best Retail Bank in Saudi Arabia – 2019” for the second year in a row. The magazine also named ANB Invest, the investment arm of the bank, the “Most Focused Brokerage House in MENA”.

 

Dr. Robert Eid, Managing Director and CEO of Arab National Bank, expressed his pride in this achievement, which is a result of the bank’s relentless efforts of investing in cutting edge technology, expanding the digital branch network, and developing ADCs to keep pace with the digital transformation in line with the Kingdom's Vision 2030.

 

Commenting on the “Most Focused Brokerage House in MENA” Award, Bassam Al Mubarak, CEO of ANB Invest, was quoted as saying: “Winning the coveted Award bears testimony to success of the Company’s strategy which focuses on providing an excellent customer service, anticipating and delivering on their expectations, and providing an integral platform of premium quality services and investment solutions, delivered by seasoned professionals”.

 

World Finance is an international bi-monthly print and online magazine providing comprehensive coverage and analysis of the financial industry, international business and the global economy. The Magazine grants annual awards to various banking and investment sectors around the globe thru a panel of judges comprising an elite group of subject matter experts. Determination of the winners for this year was based on a set of core standards, including institution’s ability to return sustainable, consistent growth rates, plan effectively, innovate new products and services, and enrich customer relationship and experience.

 

Posted on 12/22/2019
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