Arab National Bank reported net profit of USD 185.3 million for the first quarter of 2009 compared to USD 179.2 million for the same period last year, representing an increase of 3.4%, and compared to USD 115.7 million for Q4 2008 up by 60.1%.
Total operating income for the first quarter of 2009 reached USD 309 million compared to USD 279 million for the same period last year, an increase of 10.7%. Special commissions profit reached USD 243 million for the first quarter compared to USD 233 million for the same quarter last year, representing an increase of 4.2%, while Q1 2009 earnings per share reached USD 0.29 compared to USD 0.27 for the same period last year.
Assets as in March 31, 2009 reached USD 30.0 billion against USD 27.7 billion for the same period last year representing an increase of 8%. Investments reached USD 7.04 billion compared to USD 5.9 billion for the same period last year representing an increase of 19%, while the loans portfolio reached USD 19.4 billion against USD 17.4 billion for the same period last year representing an increase of 11%. Customer deposits reached USD 22.5 billion against 21.0 billion for the same period last year representing an increase of 7%.
“These results reflect a balanced growth in main business activities alongside a conservative culture,” said Dr. Robert Eid, ANB Managing Director and CEO.