NCB posts SR2.63 billion net income in first quarter

The National Commercial Bank (NCB) announced that net income for Q1, 2016 reached SR2.63 billion compared to SR2.61 billion for the same quarter of the previous year, an increase of one percent, and compared to SR2.18 billion for the previous quarter, an increase of 23.7 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 by 9.9 percent and 14.1 percent respectively.
Al-Maiman added that the bank’s total assets grew to reach SR453 billion compared to SR450 billion at the end of the same period of the previous year, an increase of 0.8 percent. Total shareholders’ equity reached SR59 billion compared to SR49 billion, for the same period of the previous year, an increase of 19.8 percent. Earnings per share reached SR1.32 compared to SR1.31 at the end of the same period of the previous year.
Financing and advances increased to SR265 billion compared to SR227 billion at the end of the same period of the previous year, an increase of 16.8 percent. Customer deposits declined to SR326 billion compared to SR343 billion at the end of the same period of the previous year, a drop of 4.9 percent.
Al-Maiman expressed his deep gratitude to the bank’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