The Arab National Bank recommends buying new ordinary shares and explains the reason.

On Tuesday, the Board of Directors of Arab National Bank recommended the purchase of up to 10,000,000 common shares for the purpose of allocating them to the employee incentive stock program, according to the bank's disclosure via the Saudi Tadawul platform. Additionally, the Arab National Bank clarified that the shares intended for purchase will be retained as treasury shares within the framework of the long-term employee incentive program, which supports the bank's strategic objectives. The Saudi bank also stated that the proportion of treasury shares held by the company currently amounts to 0.25% of the total category of shares intended for purchase, noting that approval will be sought from the extraordinary general assembly at its next meeting regarding the purchase process. During the third quarter of this year, Arab National Bank achieved a net profit increase of 15.52%, recording 1,243 million riyals, compared to a net profit of 1,076 million riyals reported for the same period last year.