DUBAI: Arab National Bank, Saudi Arabia's seventh-largest lender by assets, reported a 2.8 percent fall in first-quarter profit on Sunday, but still beat analysts' forecasts.
Net profit in the three months to Mar. 31 was 749.2 million riyals ($199.8 million), compared to 770.6 million riyals in the corresponding period of the previous year, it said in a bourse
statement.
Four analysts polled by Reuters had forecast on average the lender would make a first-quarter net profit of 685.8 million riyals.
Arab National Bank, 40 percent owned by Jordan's largest lender Arab Bank Group, attributed the performance to lower fees and commission income, as well as a drop in special commission income which was mainly due to a rise in the cost of funds.
It said those negative factors were offset by gains from non-trading investments and other operating income, as well as a 1.6 percent fall in operating expenses.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
Reuters
