The National Commercial Bank announced that net income for the first quarter of 2019 reached SAR 3,165 million compared to SAR 2,987 million for the same quarter of the previous year, an increase of 6.0% and an increase of 19.5% from the previous quarter’s net income of SAR 2,647 million.
Mr. Saeed Al-Ghamdi, NCB’s Chairman stated that total operating income reached SAR 4,953 million compared to SAR 4,779 million, an increase of 3.6%. Net Special commission income grew by 4.2% to SAR 3,562 million from SAR 3,419 million.
Al-Ghamdi added that the Bank’s total assets increased to SAR 466 billion compared to SAR 439 billion at the end of the same period last year. Total shareholders’ equity attributable to equity holders of the bank reached SAR 68 billion compared to SAR 64 billion for the same quarter of the previous year, an increase of 6.7%. Earnings per share grew to 1.02 riyals compared to 0.97 riyals at the end of the same period of the previous year.
Financing and advances increased to SAR 269 billion at the end of the quarter compared to SAR 253 billion at the end of the same period last year. Customer deposits reached SAR 310 billion compared to SAR 309 billion year-over-year.
Al-Ghamdi concluded by expressing his deep gratitude to the Bank’s clients and shareholders for their trust in the Bank and in the Board of Directors and staff for their contribution and support to help achieve these results.