NCB posts SR7.03bn net income

The National Commercial Bank (NCB) reports that the net income for the nine months of 2016 reached SR7.03 billion compared to SR6.96 billion for the same period of the previous year, an increase of 1 percent.
The NCB’s net profit for the third quarter reached to SR1.96 billion compared to SR1.99 billion for the same quarter of the previous period, a decrease of 1.6 percent.
NCB’s Chairman Mansour Al-Maiman remarked that 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 8.2 percent and 7.1 percent respectively.
Al-Maiman added that the bank’s total assets reach SR439 billion compared to SR477 billion at the end of the same period of the previous year.
Total shareholders’ equity attributable to equity holders of the bank reached SR59 billion compared to SR51 billion for the same period of the previous year, an increase of 15 percent.
Earnings per share reached SR3.52, compared to SR3.48 at the end of the same period of the previous year.
Loans and advances portfolio increased to SR260 billion compared to SR239 billion at the end of the same period of the previous year, an increase of 9 percent.
Customer deposits aggregated SR311 billion compared to SR367 billion at the end of the same period of the previous year.
Al-Maiman expressed his deep gratitude to the NCB’s clients and shareholders for their trust in the bank, and to the board of directors and staff for their contribution and support to help it achieve these results.

Source: Arab News