2004 News Story

Arab National Bank reports profit for first half of 2004

The Arab National Bank (ANB) has announced that net profits for the first six months of 2004 rose by 53 percent compared to the same period last year to reach SR576 million ($153.6 million). Loans increased by 39 percent to SR24.5 billion and customer deposits went up by 20 percent to SR37.8 billion, thereby achieving a good loan to deposit ratio, and the bank is paying its shareholders a semi-annual dividend of SR5 per share amounting to SR200 million in total. During the six-month period the bank introduced a number of new services to its clients, including a new Shariah-compliant ‘tawarruq’ consumer financing program that offers the ability to buy and sell local commodities.