NCB’s Net Income Reached SR3,562m In The First Half Of 2012

The National Commercial Bank announced that net income for the first half of 2012 reached SR3,562m compared to SR2,927m for the same period of the previous year, an increase of 21.7%. Net income for the second quarter amounted to SR1,608m, which compares to SR1,424m for the same quarter of the previous year, an increase of 12.9%, and to SR1,954m for the first quarter of 2012, a decrease of 17.7%.

NCB’s chairman Mr. Mansour Al-Maiman remarked that the Bank’s strategy to diversify its sources of revenue has resulted in an increase of 20.2% in fee income from banking services for the first half of 2012 and 7.0% in net special commission income, compared to the same period of the previous year.

Mr. Mansour Al-Maiman added that the Bank’s total assets grew to reach SR320bn compared to SR314bn at the end of the same period of the previous year, an increase of 2.1%. Total shareholders’ equity reached SR36.8bn compared to SR33.3bn at end of the same period of the previous year, an increase of 10.4%.

The loans and advances portfolio grew to SR 150 billion compared to SR130bn at the end of the same period last year, an increase of 15.4%; customer deposits grew to SR250bn.

Al-Maiman concluded by expressing 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.

Ameinfo