NCB’s net income rises 12.8 percent

23/10/2014 06:20 AST

The National Commercial Bank’s (NCB) net income attributable to equity holders of the bank for the nine month of 2014 reached SR6,830 million compared to SR6,057 million for the same period of the previous year, an increase of 12.8 percent.

Net income for the third quarter amounted to SR1,869 million, which compares to SR1,733 million for the same quarter of the previous year, an increase of 7.8 percent, said a bank statement.

Mansour Al-Maiman, NCB’s chairman, remarked in the statement that the bank’s growth and diversity of its financing and investment products has contributed to an increase in net special commission income by 11.0 percent, an increase of 8.8 percent in fee income from banking services.

Al-Maiman said the bank’s total assets grew to reach SR438 billion compared to SR367 billion at the end of the same period of the previous year, an increase of 19.2 percent.

Total shareholders’ equity reached SR46.3 billion compared to SR41.9 billion at end of the same period of the previous year, an increase of 10.5 percent.

Earnings per share reached SR3.42 compared to SR3.04 at the end of the same period of the previous year.

The loans and advances portfolio grew to SR214 billion compared to SR184 billion at the end of the same period last year, an increase of 15.8 percent; customer deposits grew to SR344 billion compared to SR295 billion at the end of the same period of the previous year, an increase of 16.7 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.

Arab News