Arab National Bank
In a close contest, Arab National Bank (ANB) has emerged as the winner due to a strong performance on the one hand and its growing strength in technology, products and fund management on the other.
In 2002, ANB posted a 20% rise in net profit and improved its ROE to 16.5% from 14.4% in 2001. Its cost-to-income ratio remained low at 48.2%. It posted another 25% increase in net profit for the first half of 2003.
Such a strong performance is in large part a result of the restructuring of the bank in recent years, careful management and key product and fund management.developments in the expanding Saudi financial sector. For example, ANB’s three-year-old internet banking platform is considered among the best in Saudi Arabia.
The bank also offers a full-range of banking services via fixed and mobile phones. It was ranked as Saudi Arabia’s leading fund manager in 2002 by the business consultancy Ernst & Young.
“ANB has drawn level with its peers after a period of underperformance, and this was due to a sustained and quantum improvement in all areas of its business over the past four years,” the bank said.
Saudi British Bank finished a close second following an excellent performance in 2002.
