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Arab National Bank’s income slips 19% in 2010

Saudi-based Arab National Bank has recorded a 2% increase in net profit for the fourth quarter of 2010 to SR301m, compared to SR296m for the same period last year, and compared to SR347m in the previous quarter, Arab News has reported. Net income for 2010 fell 19% to SR1.91bn from SR2.37bn recorded in 2009. "The drop in the bank's profits resulted principally from low interest rates that led to the decrease in the special commission income, and from setting aside additional provisions in line with the bank's conservative risk management culture," Robert Eid, ANB managing director and CEO said.