The annual profits of Arab National Bank fell by 24% to reach 3 billion riyals.
According to ArabiaNet, the bank’s profits in the last quarter of last year decreased by 72% to reach 515 million riyals.
It is noteworthy that the bank adjusted the net profit for the year 2018 by adding 1.1 billion riyals, representing the settlement concluded between the bank and the General Authority of Zakat and Income, where the claims were settled for the years prior to 2017.
The amendment of the net profit for the comparison year is a result of the change in the accounting policy during the year 2019, which led to the establishment of Zakat and income tax in the income statement instead of the list of changes in property rights followed in the previous policy. Therefore, net income for the year 2018 has been modified from 3.310 million riyals to 3.969 million riyals for 2018, in addition to charging 529 million Saudi riyals as Zakat and income tax expenses for 2019.
