Arab National Bank’s Q1 earnings jump to $181m

Arab National Bank (ANB) reported a net profit of $ 181 million for the first quarter of 2013 compared to $ 175 million for the same period last year and $ 113.3 million in Q4 last year. The bank stated that its total operating income for Q1 2013 reached $ 338 million compared to $ 319 million for the same period last year, an increase of 6.1 percent. Net special commission reached $ 207 million for Q1 compared to $ 206 million for the same quarter last year, representing an increase of 0.3 percent. ANB assets as in March 31, 2013 reached $ 35.6 billion against $ 33.4 billion for the same period last year, representing an increase of 6.6 percent. Investments reached $ 5.8 billion, while the loans portfolio reached $ 22.9 billion and customer deposits reached $ 29.1 billion. Robert Eid, ANB CEO, stated that these results reflect the bank's continued focus on achieving sustainable growth alongside a conservative credit culture. Source: Arab News