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Arab National Bank announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Total Revenue from Special Commissions/Financing & Investments 1,501.41,954-23.1621,758.7-14.63
Net Income from Special Commissions/Financing & Investments 1,199.11,437.5-16.5841,290.8-7.104
Total Operation Profit (Loss) 1,469.71,733.9-15.2371,489.6-1.335
Net Profit (Loss) before Zakat and Income Tax 596.51,024.7-41.787770.5-22.582
Net Profit (Loss) 486894.2-45.649643.8-24.51
Total Comprehensive Income 743.6887.9-16.25169.3973.015
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Revenue from Special Commissions/Financing & Investments 3,260.13,890.8-16.21
Net Income from Special Commissions/Financing & Investments 2,489.82,802.3-11.151
Total Operation Profit (Loss) 2,959.33,367.1-12.111
Net Profit (Loss) before Zakat and Income Tax 1,3671,944.3-29.691
Net Profit (Loss) 1,129.71,673.2-32.482
Total Comprehensive Income 812.91,800.6-54.853
Total Share Holders Equity (after Deducting Minority Equity) 28,426.927,394.13.77
Assets 187,296.5170,900.59.593
Investments 43,342.232,452.433.556
Loans and Advances Portfolio (Financing & Investment) 117,129119,746.2-2.185
Customer Deposits 133,896.2131,911.91.504
Profit (Loss) per Share 0.751.11
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to Net profit for the quarter decreased due to the decrease in total operating income by 15.2% resulting mainly from decrease in net special commission income, net fee and commission income and unrealised gains on FVTPL financial instruments, in addition to the decrease of share in earnings of associates offset by increase in exchange income, trading income, dividend income and other operating income. Total operating expenses increased by 21.5% resulting mainly from the increase in impairment charge for credit losses, impairment charges for other financial assets and other general and admin expenses offset by decrease in salaries and employees related expenses, rent and premises related expenses and depreciation expenses.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Net profit for the quarter decreased due to the decrease in total operating income by 1.3% resulting mainly from decrease in net special commission income, net fee and commission income, trading income, gains on investments not held at FVTPL, net and other operating income, in addition to the decrease of share in earnings of associates offset by increase in exchange income, unrealised gains on FVTPL financial instruments and dividend income . Total operating expenses increased by 18.6% resulting mainly from the increase in impairment charge for credit losses, impairment charges for other financial assets and rent and premises related expenses offset by decrease in salaries and employees related expenses, depreciation expenses and other general and admin expenses.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to Net profit for the period decreased due to the decrease in total operating income by 12.1% resulting mainly from decrease in net special commission income, net fee and commission income, unrealised gains on FVTPL financial instruments and dividend income offset by increase in exchange income, trading income, gains on investments not held at FVTPL and other operating income in addition to the increase of share in earnings of associates . Total operating expenses increased by 12% resulting mainly from the increase in impairment charge for credit losses and other general and admin expenses offset by decrease in salaries and employees related expenses, rent and premises related expenses, depreciation expenses and impairment charges for other financial assets.
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion NL
Reclassification of Comparison Items Certain previous period figures has been reclassified in order to conform with current period classifications.
Additional Information Net impairment charge for expected credit losses reached to SAR 543.8 Million for the current period against SAR 335.6 Million in the similar period of the previous year with an increase of 62%.

Starting from the quarter ended 30 June 2019, Zakat and income tax are to be accrued at the end of each financial reporting period and recognized in the consolidated statement of income with a corresponding liability recognized in the consolidated statement of financial position in accordance with International Financial Reporting Standards (IFRS) and other standards and pronouncements endorsed by SOCPA.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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