Saudi NCB’s Net Income Posts SR1.9 Mln In Q1

The Saudi Arabian lender National Commercial Bank announced that net income for the first quarter 2012 reached SR1, 954m compared to SR1, 503m for the same quarter of the previous year, an increase of 30.0% and SR1, 539m for the previous quarter, an increase of 27.0%.

Sheikh Abdullah Bahamdan, Chairman of NCB remarked that the Bank’s strategy to diversify its sources of revenue has contributed to an increase in fee income from banking services by 29.0%, net special commission income by 11.2% compared to the same period of the previous year.

Bahamdan added that the Bank’s total assets grew significantly to reach SR314bn compared to SR299bn at the end of the same period of the previous year, an increase of 4.9%. Total shareholders’ equity reached SR37bn compared to SR34bn for the same quarter of the previous year, an increase of 7.1% over the same period of the previous year.

Loans and advances increased to SR142bn compared to SR125bn at the end of the same period of the previous year, an increase of 14.0%. Customer deposits grew to SR248bn compared to SR239bn at the end of the same period of the previous year, an increase of 3.6%. Press Release