The Arab National Bank of Saudi Arabia announced net profits for the fourth quarter of 2011 and the entire year, posting overall growth of 22 percent and 13.6 percent, respectively.
The net profits for the fourth quarter of 2011 were SR 368 million. In 2010 profits totaled SR 301, which represents an increase of 22 percent. Total net profits for 2011 were posted as SR 2,171 million. Compared to SR 1,911 million of 2010, the increase in profits comes to a rise of 13.6 percent.
Robert Eid, the managing director and chief executive officer of the Arab National Bank, which is headquartered in Riyadh, Saudi Arabia, had this to say about the bank’s performance of 2011:
“The increase in the bank’s profits resulted principally from balanced growth in various business lines, and its conservative risk management culture.”