Thursday, October 17, 2019
Home > Economy > NCB’s Q1 net profit rises to SR2.5 billion

NCB’s Q1 net profit rises to SR2.5 billion

The National Commercial Bank (NCB) announced that its net income for the first quarter of 2014 reached SR2.535 billion compared to SR2.332 billion for the same quarter of the previous year, an increase of 8.7 percent.
The first-quarter net profit is an increase of 41.2 percent compared to SR1.795 billion for the previous quarter, according to a press release.
Mansour Al-Maiman, NCB’s chairman, said the bank’s growth and diversity of its financing and investment products has contributed to an increase in net special commission income and foreign exchange income, net by 4.5 percent and 16.4 percent respectively.
Al-Maiman said the bank’s total assets grew to reach SR420 billion compared to SR358 billion at the end of the same period of the previous year, an increase of 17.4 percent.
Total shareholders’ equity reached SR42 billion compared to SR38 billion, for the same period of the previous year, an increase of 9.7 percent. Earnings per share reached SR1.69 compared to SR1.56 at the end of the same period of the previous year.
Loans and advances increased to SR197 billion compared to SR171 billion at the end of the same period of the previous year, an increase of 15.7 percent.
Customer deposits grew to SR333 billion compared to SR277 billion at the end of the same period of the previous year, an increase of 20.4 percent.
Al-Maiman expressed his deep gratitude to clients and shareholders for their trust in the bank and to the board of directors and staff for their contribution and support.