NCB’s net income reached SR 4,473 million for nine months of 2011, an increase of 29.0% over previous period

The National Commercial Bank announced that net income for the nine months of 2011 reached SR 4,473 million compared to SR 3,468 million for the same period of the previous year, an increase of 29.0% and SR 1,546 million for the third quarter of 2011 compared to SR 828 million for same quarter of previous year, an increase of 86.6%.

Bahamdan remarked that the Bank’s strategy to diversify its sources of revenue has contributed to an increase in fee income from banking services by 5.2%.  Net special commission income increased by 4.1% compared to the same period of the previous year.

Bahamdan added that the Bank’s total assets grew significantly to reach SR 307 billion compared to SR 271 billion at the end of the same period of the previous year, an increase of 13.2%.   Total shareholders’ equity reached SR 34.7 billion compared to SR 32.5 billion at end of the same period of the previous year, an increase of 6.6%.

The loans and advances portfolio increased to SR 130 billion compared to SR 123 billion at the end of the same period of the previous year, an increase of 5.9%. Customer deposits grew to SR 243 billion compared to SR 215 billion at the end of the same period of the previous year, an increase of 13.0%.

Bahamdan concluded by expressing his deep gratitude to the Bank’s clients and shareholders for their trust in the Bank and the Board of Directors and staff for their continued support of NCB to achieve these results.