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NCB’s net income jumps 10.5% in Q1

JEDDAH — The National Commercial Bank (NCB) announced that net income for the first quarter of 2018 reached SR2,987 million compared to SR2,703 million for the same quarter of the previous year, an increase of 10.5%, and an increase of 16.8% compared to the SR2,556 million of the previous quarter.

NCB Chairman Mansour S. Al Maiman said the bank’s total assets reached SR438 billion compared to SR439 billion at the end of the same period last year. Total shareholders’ equity attributable to equity holders of the bank increased from SR61 billion to SR64 billion, an increase of 5.0% year-over-year. Earnings per share grew to 1.45 riyals compared to 1.32 riyals at the end of the same period of the previous year.

Financing and advances stood at SR253 billion at the end of the quarter compared to SR254 billion at the end of the same period last year. Customer deposits reached SR309 billion compared to SR313 billion year-over-year.

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 achieve these results. — SG

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