The annual profit of the Arab National has decreased by 31.5%

Arab National Bank profits fell by 31.5%, with net profit reaching 2.072 billion riyals for the year 2021 compared to 3.023 billion riyals in 2019.

According to ArabiaNet, the bank said in a statement that the bank’s revenues fell by 21.5% to 5.99 billion riyals, compared to 7.6 billion riyals during the same period last year.

Net income before zakat and income tax decreased by 27.6% to reach 2.572 million riyals, and the decrease is mainly due to the decrease in net special commission income, fee and commission income, unrealized profits on investments listed in the income statement and net foreign exchange earnings offset by an increase in the net Trading income and other operations income, according to the bank.

The total operating expenses increased by 3.9%, mainly due to an increase in the provision for credit losses, rental and building expenses, offset by a decrease in salaries and wages expenses, depreciation expenses and a decrease in expenses Other administrative and public.