RIYADH: Arab National Bank (ANB) has announced a net profit of SAR 920.1 million for the quarter ended March 31, 2019, which is 12.68% higher than the profit of SAR 816.5 million recorded in the same period last year.

On sequential basis, Arab National Bank’s profits were up 34.419% compared with the profit of SAR 684.5 million recorded for the previous quarter ended December 31, 2018. The earnings per share for the period under review clocked in at SAR 0.61 compared with EPS of SAR 0.54 in the corresponding period last year.[the_ad id=”31605″]Net profit for the quarter increased due to the increase in total operating income by 6.5% resulting mainly from the increases in net special commission income, net unrealized gain on FVTPL financial instruments and dividend income.

The Bank also witnessed decreases in net fee and commission income, net exchange income, net trading income and other operating income; in addition to the increase of share in earnings of associates.

On the other hand, total operating expenses increased by 1.6% resulting mainly from the increase in salaries and employees related expenses, depreciation expenses, other general and administrative expenses and impairment charges for other financial assets, offset by decrease in rent and related expenses and impairment charges for credit losses.

The shareholders’ extraordinary general assembly in their meeting held on March 27, 2019 approved a bonus issue of 500 million shares of SAR 10 each, through transfer of SAR 3 billion and SAR 2 billion from statutory reserves and retained earnings, respectively. Accordingly, earning per share is calculated by dividing the net income attributable to the equity holders of the Bank for the period ended March 31, 2018 by 1,500 million shares to give a retroactive effect of change in the number of shares increased as a result of the bonus share issue.