Saudi Arabia-based Arab National Bank announced that net profit for the nine months ending Sept. 30, 2004 increased by 53 percent to SR902 million. As a result, return on equity improved from 19 percent last year to 26 percent this year. This substantial increase came as a result of a 23 percent rise in net interest income and a 68 percent increase in fee income, according to a report published today by Arab News. Total operating revenues increased by 29 percent and total expenses rose by 11 percent. Total loans at the end of September stood at SR27.6 billion and customer deposits reached SR39.4 billion. ANB shares edged up 0.6 percent after the announcement to SR615.50 in early trade before slipping back to SR600 in a broadly weaker market.
