Financial and Banking News
Arab National First Saudi Bank to Declare Reduced Profits for 1991
Riyadh-based Arab National Bank (ANB) has declared reduced profits for 1991,the first Saudi bank to do so. The fall occurred despite a sharp increase in thebank's size. Net profits of SR304.7mn ($81.3mn) were 7.7% down on the 1990figure, while assets rose by 47%, largely due to increased customer deposits. Thefall in net profits was mainly due to an increase...