ArabBank (ANB)
Arab National Bank is a company founded in 1930 in Jerusalem with a starting capital of 5,000 Palestinian pounds and listed on the Saudi Tadawul Stock Exchange in 1993. ANB provides banking services in the retail, corporate, treasury, investment, and brokerage segments.
In 1948, the British Mandate Authority withdrew from Palestine, which adversely affected the Arab National Bank and resulted in the loss of its branches in Jaffa and Haifa. After such an event, some clients had to leave the country, and after a while, they requested their deposits back. What the Arab National Bank reacted with understanding and ultimately returned everything to the owners. The act caused great loyalty from potential and existing customers.
In the 40s and 50s of the 20th century, the Arab National Bank actively expanded its network of branches in Saudi Arabia, accelerating the development of the Arab economy in a difficult period when no bank took on so much responsibility. In 1961, the Arab National Bank became the first Arab bank in Switzerland, opening its first international branch.
In 1990, ANB included investment banking in its list of services, which greatly expanded its influence. In 2006, founded the London subsidiary Europe Arab Bank, whose shares were bought in half by Turkland Bank and the insurance company Al Nisr Al Arabi.
After a while, the Arab National Bank was transformed into one of the largest banks in the Middle East. Currently, it represents a robust Arab banking network, with 600 branches on five continents and covering critical financial markets in London and Dubai, Frankfurt and Sydney, Bahrain and Singapore, Geneva, and Paris.
The director of Arab National Bank notes: "even in turbulent times, the bank never violated payments to customers or partners, fulfilling obligations, regardless of the political and economic situation."
By the way, for the first half of 2019, the ANB Board of Directors paid dividends to shareholders of 750 million rials, that is, 5% of the face value of the share or SAR0.5 per share.
ANB Profit and Award from World Finance Magazine
In the published interim report of the Arab National Bank for the second quarter of 2019, it says that net profit increased by 19.6% to 894.2 million riyals. In the same period in 2018, it amounted to 747.2 million riyals.
The company explains the increase in net profit by the rise in total operating income by 5.3%, as well as the increase in net income from special commissions and the share of profit from associates.
Total revenue also increased significantly, it rose by 18.95%, which equals 1.95 billion riyals for the period from April to June 2019. In general, ANB revenue in 2019 increased by 22.6%, reaching 3.8 billion riyals in the first six months. At the end of June 2019, the assets of the Arab National Bank rose by 1.8%, amounting to 170.9 billion riyals. Customer deposits, at one time, increased by 1.9% year on year to 131.9 billion riyals for the period from January to June. Based on this, there is nothing suspicious that the London magazine World Finance again called the Arab National Bank “The Best Retail Bank of Saudi Arabia.” Well-known financial magazine awards based on expert assessments of independent judges and reviews of popular rating agencies.
The winner is determined by the basic standards of work quality, including the ability to return stable growth rates, effective planning, and implementation of new services.
The historical facts, status, achievements, and financial indicators of Arab National Bank suggest to traders that the acquisition of shares in the long term can be a profitable financial solution.
