RIYADH: Arab National Bank, Saudi Arabia’s seventh-largest lender by assets, reported a 2.2 percent rise in third-quarter profit on Tuesday, marginally missing analysts’ forecasts.
Net profit in the three months to September 30 was SR764.2 million ($203.8 million) compared to SR747.9 million in the same period last year, it said in a bourse statement.
Six analysts polled by Reuters had forecast on average the lender would make a third-quarter net profit of SR789.2 million.
Arab National Bank, 40 per cent owned by Jordan’s largest lender Arab Bank, cited a rise in operating income as a reason for the increase in earnings, without elaborating.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
