JEDDAH — The National Commercial Bank (NCB) announced that net income for the nine month 2015 reached SR6,963 million compared to SR6,830 million for the same period of the previous year, an increase of 1.9%. NCB net profit for the third quarter reached to SR1,994 compared to SR1,869 million for the same quarter of the previous period, an increase of 6.7%.
Mansour Al-Maiman, NCB’s Chairman, said 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 12.3% and 34.9% respectively. Although there was a one-off income in the nine month of 2014 from a liquidation of an associate company, NCB net income attributable to equity holders of the bank recorded a growth in the nine month of 2015 compared to the previous year.
Al-Maiman added that the bank’s total assets grew to reach SR477 billion compared to SR438 billion at the end of the same period of the previous year, an increase of 9.0%. Total shareholders’ equity reached SR52.2 billion compared to SR46.3 billion, for the same period of the previous year, an increase of 12.8%. Earnings per share reached SR3.5 compared to SR3.4 riyal at the end of the same period of the previous year.
Loans and advances increased to SR237 billion compared to SR214 billion at the end of the same period of the previous year, an increase of 11.1%. Customer deposits grew to SR364 billion compared to SR344 billion at the end of the same period of the previous year, an increase of 5.7%.
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. — SG
