And he earns 3.07 billion riyals in 2022, an increase of 41%.
The net profit of the Arab National Bank increased by 73% in the fourth quarter of 2022, to about 790 million riyals, after zakat and tax, compared to about 457 million riyals, in the fourth quarter of 2021, according to the accounts of Al Arabiya.net.
Today, Tuesday, the bank’s results on “Saudi Arabia’s Tadawul” showed an increase in the bank’s net profits by 41.02% in 2022, to about 3.07 billion riyals, after zakat and tax, compared to about 2.18 billion riyals in 2021.
The bank said that the increase in net profits for the year 2022, on an annual basis, is mainly due to the increase in net special commission income, net foreign currency exchange profits, dividends, net fee and commission income, net other operating income, net trading income, and a decrease in the net provision for expected credit losses.
He added that this was offset by an increase in other general and administrative expenses, salaries and expenses related to employees, depreciation, amortization, rent and building expenses, a decrease in net gains from selling investments held for non-trading purposes, and net gains from financial instruments whose fair value is included in the income statement.