Arab National Bank posts higher net profit at SAR 1985.9m in I3 of 2013

Arab National Bank posts higher net profit at SAR 1985.9m in I3 of 2013

30/09/2013 Argaam Exclusive

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Arab National Bank, 40% owned by Arab Bank Jordan, reported SAR 1985.9m net profit at the end of I3 of 2013, compared to SAR 1946.2 in the same period last year, as shown in the following table:



Financials (M)

Item 9m 2012 9m 2013 Change‬
Net Special Commission Income 2,461.28 2,488.92 1.1 %
Operating Income 3,638.48 3,796.46 4.3 %
Total Provisions (325.57) (354.31) (8.8 %)
Net Income 1,946.20 1,985.87 2.0 %
Average Shares 2,000.00 2,000.00 -
EPS (Riyals) 0.97 0.99 2.0 %


Current Quarter Comparison (M)

Compared With The
Item Q3 2012 Q3 2013 Change‬
Net Special Commission Income 845.75 876.81 3.7 %
Operating Income 1,187.74 1,264.79 6.5 %
Debt Provisions (151.81) (182.50) (20.2 %)
Net Income 572.70 589.20 2.9 %
Average Shares 2,000.00 2,000.00 -
EPS (Riyals) 0.29 0.29 2.9 %

Balance Sheet (B)

Item 9m 2012 9m 2013 Change‬
Assets 125.35 137.89 10.0 %
Customer Deposits 98.27 105.21 7.1 %
Loan 83.65 86.11 2.9 %


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change
Q1 2004 435.74 17.1 % 554.99 24.2 % (61.10) 7.1 %
Q2 2004 456.51 24.8 % 607.55 31.0 % (70.26) 0.9 %
Q3 2004 488.76 27.5 % 638.39 30.4 % (73.00) (3.2 %)
Q4 2004 505.27 26.1 % 627.00 25.3 % (116.87) (6.9 %)
Q1 2005 513.67 17.9 % 682.45 23.0 % (71.63) (17.2 %)
Q2 2005 551.89 20.9 % 863.94 42.2 % (68.18) 2.9 %
Q3 2005 570.24 16.7 % 793.25 24.3 % (14.01) 80.8 %
Q4 2005 553.33 9.5 % 802.06 27.9 % (94.57) 19.1 %
Q1 2006 571.66 11.3 % 950.99 39.4 % (51.80) 27.7 %
Q2 2006 624.89 13.2 % 1,045.81 21.1 % (15.71) 77.0 %
Q3 2006 638.52 12.0 % 929.83 17.2 % (11.05) 21.2 %
Q4 2006 689.88 24.7 % 928.74 15.8 % (4.42) 95.3 %
Q1 2007 688.97 20.5 % 994.63 4.6 % (18.53) 64.2 %
Q2 2007 727.16 16.4 % 1,108.11 6.0 % (31.15) (98.3 %)
Q3 2007 732.46 14.7 % 972.82 4.6 % (4.00) 63.8 %
Q4 2007 755.32 9.5 % 880.70 (5.2 %) (13.45) (204.0 %)
Q1 2008 875.16 27.0 % 1,045.61 5.1 % (15.00) 19.1 %
Q2 2008 855.05 17.6 % 1,179.14 6.4 % (23.13) 25.8 %
Q3 2008 825.43 12.7 % 1,042.82 7.2 % (9.17) (129.1 %)
Q4 2008 797.90 5.6 % 867.62 (1.5 %) (12.99) 3.4 %
Q1 2009 912.30 4.2 % 1,157.03 10.7 % (54.72) (264.9 %)
Q2 2009 893.89 4.5 % 1,211.76 2.8 % (73.90) (219.6 %)
Q3 2009 838.31 1.6 % 1,067.33 2.3 % (51.19) (458.3 %)
Q4 2009 811.79 1.7 % 1,057.35 21.9 % (346.78) (2,569.4 %)
Q1 2010 803.04 (12.0 %) 1,124.70 (2.8 %) (96.86) (77.0 %)
Q2 2010 775.33 (13.3 %) 1,114.87 (8.0 %) (79.43) (7.5 %)
Q3 2010 779.25 (7.0 %) 1,129.50 5.8 % (377.27) (637.0 %)
Q4 2010 799.93 (1.5 %) 1,134.71 7.3 % (410.86) (18.5 %)
Q1 2011 794.08 (1.1 %) 1,114.05 (0.9 %) (68.03) 29.8 %
Q2 2011 805.34 3.9 % 1,158.21 3.9 % (55.00) 30.8 %
Q3 2011 782.29 0.4 % 1,146.07 1.5 % (198.60) 47.4 %
Q4 2011 799.26 (0.1 %) 1,123.14 (1.0 %) (296.27) 27.9 %
Q1 2012 772.74 (2.7 %) 1,195.69 7.3 % (89.92) (32.2 %)
Q2 2012 842.79 4.7 % 1,255.06 8.4 % (83.84) (52.4 %)
Q3 2012 845.75 8.1 % 1,187.74 3.6 % (151.81) 23.6 %
Q4 2012 799.15 0.0 % 1,118.34 (0.4 %) (196.23) 33.8 %
Q1 2013 775.21 0.3 % 1,268.29 6.1 % (106.27) (18.2 %)
Q2 2013 836.90 (0.7 %) 1,263.39 0.7 % (65.54) 21.8 %
Q3 2013 876.81 3.7 % 1,264.79 6.5 % (182.50) (20.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 272.28 46.8 % 0.14 - 272.28 0.14
Q2 2004 303.38 58.2 % 0.15 - 303.38 0.15
Q3 2004 325.93 53.5 % 0.16 - 325.93 0.16
Q4 2004 265.22 49.9 % 0.13 - 265.22 0.13
Q1 2005 362.44 33.1 % 0.18 - 362.44 0.18
Q2 2005 529.15 74.4 % 0.26 - 529.15 0.26
Q3 2005 520.27 59.6 % 0.26 - 520.27 0.26
Q4 2005 415.77 56.8 % 0.21 - 415.77 0.21
Q1 2006 621.33 71.4 % 0.31 - 621.33 0.31
Q2 2006 732.53 38.4 % 0.37 - 732.53 0.37
Q3 2006 591.09 13.6 % 0.30 - 591.09 0.30
Q4 2006 559.79 34.6 % 0.28 - 559.79 0.28
Q1 2007 642.88 3.5 % 0.32 - 642.88 0.32
Q2 2007 724.88 (1.0 %) 0.36 - 724.88 0.36
Q3 2007 607.88 2.8 % 0.30 - 607.88 0.30
Q4 2007 485.56 (13.3 %) 0.24 - 485.56 0.24
Q1 2008 672.19 4.6 % 0.34 - 672.19 0.34
Q2 2008 752.16 3.8 % 0.38 - 752.16 0.38
Q3 2008 627.72 3.3 % 0.31 - 627.72 0.31
Q4 2008 434.06 (10.6 %) 0.22 - 434.06 0.22
Q1 2009 694.83 3.4 % 0.35 - 694.83 0.35
Q2 2009 745.87 (0.8 %) 0.37 - 745.87 0.37
Q3 2009 633.49 0.9 % 0.32 - 633.49 0.32
Q4 2009 295.82 (31.8 %) 0.15 - 295.82 0.15
Q1 2010 633.68 (8.8 %) 0.32 - 633.68 0.32
Q2 2010 629.45 (15.6 %) 0.31 - 629.45 0.31
Q3 2010 346.50 (45.3 %) 0.17 - 346.50 0.17
Q4 2010 301.46 1.9 % 0.15 - 301.46 0.15
Q1 2011 587.40 (7.3 %) 0.29 - 587.40 0.29
Q2 2011 696.68 10.7 % 0.35 - 696.68 0.35
Q3 2011 519.18 49.8 % 0.26 - 519.18 0.26
Q4 2011 367.87 22.0 % 0.18 - 367.87 0.18
Q1 2012 655.51 11.6 % 0.33 - 655.51 0.33
Q2 2012 717.98 3.1 % 0.36 - 717.98 0.36
Q3 2012 572.70 10.3 % 0.29 - 572.70 0.29
Q4 2012 424.98 15.5 % 0.21 - 424.98 0.21
Q1 2013 678.70 3.5 % 0.34 - 678.70 0.34
Q2 2013 717.98 0.0 % 0.36 - 717.98 0.36
Q3 2013 589.20 2.9 % 0.29 - 589.20 0.29

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2004 1.75 % 21.17 % 78.95 %
Q2 2004 1.98 % 23.14 % 77.88 %
Q3 2004 2.11 % 24.29 % 77.42 %
Q4 2004 2.07 % 26.08 % 77.69 %
Q1 2005 2.23 % 26.48 % 76.87 %
Q2 2005 2.59 % 30.48 % 73.25 %
Q3 2005 2.83 % 31.71 % 72.17 %
Q4 2005 2.79 % 32.33 % 69.68 %
Q1 2006 3.18 % 35.25 % 65.89 %
Q2 2006 3.50 % 37.13 % 64.59 %
Q3 2006 3.43 % 35.04 % 64.05 %
Q4 2006 3.44 % 34.99 % 65.49 %
Q1 2007 3.28 % 32.94 % 67.77 %
Q2 2007 3.33 % 31.13 % 69.28 %
Q3 2007 3.19 % 28.97 % 70.89 %
Q4 2007 2.85 % 26.60 % 73.40 %
Q1 2008 2.68 % 25.16 % 77.11 %
Q2 2008 2.61 % 23.98 % 78.91 %
Q3 2008 2.52 % 22.97 % 79.82 %
Q4 2008 2.30 % 21.44 % 81.10 %
Q1 2009 2.32 % 21.27 % 79.84 %
Q2 2009 2.22 % 20.06 % 80.14 %
Q3 2009 2.20 % 19.22 % 79.99 %
Q4 2009 2.05 % 17.53 % 76.92 %
Q1 2010 2.08 % 17.11 % 75.03 %
Q2 2010 1.98 % 15.46 % 73.98 %
Q3 2010 1.79 % 12.83 % 71.60 %
Q4 2010 1.69 % 12.89 % 70.11 %
Q1 2011 1.62 % 12.59 % 70.08 %
Q2 2011 1.80 % 12.35 % 70.07 %
Q3 2011 1.93 % 13.03 % 69.88 %
Q4 2011 1.86 % 13.61 % 70.04 %
Q1 2012 1.82 % 14.10 % 68.34 %
Q2 2012 1.97 % 13.57 % 67.74 %
Q3 2012 1.91 % 13.48 % 68.48 %
Q4 2012 1.87 % 13.77 % 68.54 %
Q1 2013 1.85 % 13.97 % 67.56 %
Q2 2013 1.87 % 13.52 % 67.32 %
Q3 2013 1.83 % 13.13 % 66.90 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2004 53.45 21.1 % 35.74 17.9 % 21.78 24.7 %
Q2 2004 52.53 17.1 % 37.83 20.3 % 24.46 39.4 %
Q3 2004 54.13 13.0 % 39.36 26.0 % 27.60 45.0 %
Q4 2004 63.33 28.7 % 46.32 37.3 % 28.56 41.6 %
Q1 2005 59.45 11.2 % 43.37 21.3 % 30.14 38.4 %
Q2 2005 61.90 17.8 % 46.78 23.6 % 33.33 36.3 %
Q3 2005 64.33 18.9 % 46.01 16.9 % 36.32 31.6 %
Q4 2005 67.49 6.6 % 48.83 5.4 % 38.78 35.8 %
Q1 2006 71.90 21.0 % 53.16 22.6 % 40.29 33.7 %
Q2 2006 68.87 11.3 % 54.53 16.6 % 43.44 30.3 %
Q3 2006 73.20 13.8 % 58.40 26.9 % 48.49 33.5 %
Q4 2006 78.04 15.6 % 61.77 26.5 % 49.75 28.3 %
Q1 2007 82.18 14.3 % 63.25 19.0 % 50.42 25.1 %
Q2 2007 82.51 19.8 % 64.24 17.8 % 52.83 21.6 %
Q3 2007 85.63 17.0 % 66.16 13.3 % 57.79 19.2 %
Q4 2007 94.47 21.1 % 73.69 19.3 % 61.12 22.9 %
Q1 2008 103.96 26.5 % 78.84 24.6 % 65.32 29.6 %
Q2 2008 110.33 33.7 % 84.91 32.2 % 69.88 32.3 %
Q3 2008 115.68 35.1 % 88.56 33.8 % 74.55 29.0 %
Q4 2008 121.31 28.4 % 92.74 25.9 % 74.66 22.2 %
Q1 2009 112.41 8.1 % 84.52 7.2 % 72.81 11.5 %
Q2 2009 115.08 4.3 % 85.23 0.4 % 71.17 1.8 %
Q3 2009 111.86 (3.3 %) 80.50 (9.1 %) 68.79 (7.7 %)
Q4 2009 110.30 (9.1 %) 82.68 (10.9 %) 66.81 (10.5 %)
Q1 2010 110.06 (2.1 %) 77.65 (8.1 %) 65.44 (10.1 %)
Q2 2010 106.21 (7.7 %) 78.35 (8.1 %) 64.79 (9.0 %)
Q3 2010 101.37 (9.4 %) 77.38 (3.9 %) 65.28 (5.1 %)
Q4 2010 116.03 5.2 % 84.20 1.8 % 66.20 (0.9 %)
Q1 2011 120.49 9.5 % 88.48 13.9 % 67.32 2.9 %
Q2 2011 109.04 2.7 % 84.52 7.9 % 69.09 6.6 %
Q3 2011 116.67 15.1 % 85.77 10.8 % 71.69 9.8 %
Q4 2011 117.57 1.3 % 87.86 4.3 % 72.84 10.0 %
Q1 2012 125.42 4.1 % 90.69 2.5 % 75.57 12.3 %
Q2 2012 120.39 10.4 % 94.82 12.2 % 80.74 16.9 %
Q3 2012 125.35 7.4 % 98.27 14.6 % 83.65 16.7 %
Q4 2012 136.64 16.2 % 107.56 22.4 % 86.33 18.5 %
Q1 2013 133.67 6.6 % 109.09 20.3 % 85.97 13.8 %
Q2 2013 136.12 13.1 % 103.02 8.7 % 85.54 5.9 %
Q3 2013 137.89 10.0 % 105.21 7.1 % 86.11 2.9 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2004 66.87 % 40.75 % 60.94 %
Q2 2004 72.02 % 46.56 % 64.65 %
Q3 2004 72.72 % 50.99 % 70.12 %
Q4 2004 73.14 % 45.10 % 61.66 %
Q1 2005 72.95 % 50.70 % 69.50 %
Q2 2005 75.56 % 53.84 % 71.25 %
Q3 2005 71.51 % 56.46 % 78.95 %
Q4 2005 72.35 % 57.46 % 79.41 %
Q1 2006 73.93 % 56.03 % 75.79 %
Q2 2006 79.18 % 63.07 % 79.65 %
Q3 2006 79.78 % 66.24 % 83.03 %
Q4 2006 79.16 % 63.75 % 80.53 %
Q1 2007 76.97 % 61.35 % 79.71 %
Q2 2007 77.85 % 64.02 % 82.24 %
Q3 2007 77.27 % 67.48 % 87.34 %
Q4 2007 78.01 % 64.70 % 82.94 %
Q1 2008 75.84 % 62.83 % 82.85 %
Q2 2008 76.96 % 63.34 % 82.30 %
Q3 2008 76.55 % 64.44 % 84.18 %
Q4 2008 76.45 % 61.55 % 80.50 %
Q1 2009 75.19 % 64.77 % 86.15 %
Q2 2009 74.06 % 61.84 % 83.50 %
Q3 2009 71.96 % 61.50 % 85.46 %
Q4 2009 74.96 % 60.57 % 80.81 %
Q1 2010 70.56 % 59.46 % 84.28 %
Q2 2010 73.77 % 61.00 % 82.69 %
Q3 2010 76.33 % 64.40 % 84.37 %
Q4 2010 72.56 % 57.05 % 78.63 %
Q1 2011 73.44 % 55.87 % 76.08 %
Q2 2011 77.51 % 63.36 % 81.74 %
Q3 2011 73.52 % 61.45 % 83.59 %
Q4 2011 74.73 % 61.96 % 82.91 %
Q1 2012 72.31 % 60.26 % 83.33 %
Q2 2012 78.76 % 67.06 % 85.15 %
Q3 2012 78.40 % 66.74 % 85.12 %
Q4 2012 78.72 % 63.18 % 80.26 %
Q1 2013 81.61 % 64.31 % 78.81 %
Q2 2013 75.68 % 62.84 % 83.03 %
Q3 2013 76.30 % 62.45 % 81.85 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2004 2,000.00 0.43 0.43 - 2.14
Q2 2004 2,000.00 0.48 0.48 - 2.17
Q3 2004 2,000.00 0.54 0.54 - 2.33
Q4 2004 2,000.00 0.58 0.58 - 2.48
Q1 2005 2,000.00 0.63 0.63 - 2.60
Q2 2005 2,000.00 0.74 0.74 - 2.70
Q3 2005 2,000.00 0.84 0.84 - 2.96
Q4 2005 2,000.00 0.91 0.91 - 3.17
Q1 2006 2,000.00 1.04 1.04 - 3.32
Q2 2006 2,000.00 1.14 1.14 - 3.47
Q3 2006 2,000.00 1.18 1.18 - 3.78
Q4 2006 2,000.00 1.25 1.25 - 3.99
Q1 2007 2,000.00 1.26 1.26 - 4.35
Q2 2007 2,000.00 1.26 1.26 - 4.62
Q3 2007 2,000.00 1.27 1.27 - 4.97
Q4 2007 2,000.00 1.23 1.23 - 5.26
Q1 2008 2,000.00 1.25 1.25 - 5.54
Q2 2008 2,000.00 1.26 1.26 - 5.87
Q3 2008 2,000.00 1.27 1.27 - 6.07
Q4 2008 2,000.00 1.24 1.24 - 6.34
Q1 2009 2,000.00 1.25 1.25 - 6.25
Q2 2009 2,000.00 1.25 1.25 - 6.60
Q3 2009 2,000.00 1.25 1.25 - 6.97
Q4 2009 2,000.00 1.19 1.19 - 7.18
Q1 2010 2,000.00 1.15 1.15 - 7.24
Q2 2010 2,000.00 1.10 1.10 - 7.58
Q3 2010 2,000.00 0.95 0.95 - 7.87
Q4 2010 2,000.00 0.96 0.96 - 7.65
Q1 2011 2,000.00 0.93 0.93 - 7.57
Q2 2011 2,000.00 0.97 0.97 - 8.07
Q3 2011 2,000.00 1.05 1.05 - 8.28
Q4 2011 2,000.00 1.09 1.09 - 8.31
Q1 2012 2,000.00 1.12 1.12 - 8.31
Q2 2012 2,000.00 1.13 1.13 - 8.59
Q3 2012 2,000.00 1.16 1.16 - 8.88
Q4 2012 2,000.00 1.19 1.19 - 8.90
Q1 2013 2,000.00 1.20 1.20 - 8.83
Q2 2013 2,000.00 1.20 1.20 - 9.11
Q3 2013 2,000.00 1.21 1.21 - 9.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 21.60 21.60 4.30
Q2 2004 19.83 19.83 4.42
Q3 2004 22.84 22.84 5.28
Q4 2004 26.36 26.36 6.19
Q1 2005 26.73 26.73 6.45
Q2 2005 29.08 29.08 7.99
Q3 2005 27.35 27.35 7.75
Q4 2005 27.15 27.15 7.83
Q1 2006 23.08 23.08 7.26
Q2 2006 17.02 17.02 5.62
Q3 2006 16.16 16.16 5.05
Q4 2006 14.13 14.13 4.44
Q1 2007 12.93 12.93 3.75
Q2 2007 12.70 12.70 3.46
Q3 2007 15.12 15.12 3.86
Q4 2007 22.31 22.31 5.22
Q1 2008 14.91 14.91 3.35
Q2 2008 16.36 16.36 3.51
Q3 2008 12.56 12.56 2.62
Q4 2008 8.14 8.14 1.60
Q1 2009 9.18 9.18 1.84
Q2 2009 10.08 10.08 1.91
Q3 2009 12.60 12.60 2.27
Q4 2009 11.61 11.61 1.91
Q1 2010 12.85 12.85 2.05
Q2 2010 11.92 11.92 1.72
Q3 2010 14.16 14.16 1.71
Q4 2010 12.80 12.80 1.60
Q1 2011 15.86 15.86 1.95
Q2 2011 12.94 12.94 1.55
Q3 2011 11.23 11.23 1.43
Q4 2011 10.77 10.77 1.41
Q1 2012 12.79 12.79 1.72
Q2 2012 9.78 9.78 1.29
Q3 2012 9.77 9.77 1.27
Q4 2012 9.47 9.47 1.26
Q1 2013 9.47 9.47 1.29
Q2 2013 10.86 10.86 1.43
Q3 2013 10.72 10.72 1.36

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage Others
Q1 2004 373.57 109.81 71.61 - -
Q2 2004 434.65 109.78 63.13 - -
Q3 2004 463.27 118.81 56.32 - -
Q4 2004 447.32 108.45 71.23 - -
Q1 2005 477.14 116.73 88.58 - -
Q2 2005 644.81 141.14 77.99 - -
Q3 2005 568.39 139.98 84.88 - -
Q4 2005 591.41 96.47 114.18 - -
Q1 2006 670.20 157.07 123.73 - -
Q2 2006 738.64 181.00 126.18 - -
Q3 2006 680.83 199.73 49.28 - -
Q4 2006 563.46 155.50 209.78 - -
Q1 2007 627.74 198.93 167.97 - -
Q2 2007 469.93 152.96 159.99 149.90 175.34
Q3 2007 552.20 201.19 78.60 56.16 84.67
Q4 2007 540.44 174.95 19.66 60.32 85.32
Q1 2008 738.63 334.94 (27.96) - -
Q2 2008 503.48 180.96 163.05 109.22 222.42
Q3 2008 677.79 258.28 (85.72) 36.82 155.65
Q4 2008 542.31 233.94 192.33 34.37 (135.34)
Q1 2009 524.10 328.63 133.45 33.24 137.61
Q2 2009 587.90 301.65 200.86 49.00 72.35
Q3 2009 539.13 298.41 157.29 16.54 55.95
Q4 2009 469.69 306.57 114.88 23.78 142.43
Q1 2010 526.50 305.46 125.20 20.22 147.32
Q2 2010 542.18 310.32 130.39 31.36 100.63
Q3 2010 519.05 297.56 184.23 18.70 109.96
Q4 2010 582.63 339.64 97.87 24.80 89.76
Q1 2011 542.94 353.61 87.72 31.53 98.25
Q2 2011 544.10 350.06 120.51 43.02 100.53
Q3 2011 554.56 374.86 96.06 22.44 98.15
Q4 2011 552.47 350.77 112.92 30.05 76.93
Q1 2012 547.54 329.65 237.29 48.44 32.78
Q2 2012 555.96 444.51 202.41 37.80 14.38
Q3 2012 509.80 364.10 249.29 30.80 33.75
Q4 2012 532.18 369.68 185.00 22.76 8.72
Q1 2013 523.63 427.43 228.21 38.76 50.26
Q2 2013 534.81 450.71 206.27 26.70 44.89
Q3 2013 525.95 443.62 245.12 23.96 26.13

Current
Market Cap (M Riyal) 39,800.00
Shares Outstanding ((M)) 2,000.00
EPS ( Riyal) (TTM) 2.33
EPS Diluted ( Riyal) (TTM) 2.33
Book Value (BV) ( Riyal) 18.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.09
P/E (TTM) 8.56
Price/book 1.09
Return on Average Assets (%) (TTM) 2.0
Return on Average Equity (%) (TTM) 13.3

Share Price

19.90
0.40 2.05 %

Arab National Bank (ANB)


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