The National Commercial Bank (NCB) announced its net income of SAR 10,667 million for 2018, compared to SAR 9,802 million for the previous year, achieving an increase of SAR 865 million, with a growth rate of 8.8% compared to 2017. The Q4 net income reached SAR 2,647 million compared to SAR 2,556 million in Q4 of the previous year, achieving an increase of 3.6%. Earnings per share reached SAR 3.44 compared to SAR 3.16 for the same period of the previous year.
Mr. Saeed Al-Ghamdi, NCB’s Chairman stated that the net special commission income reached SAR 14,370 million compared to SAR 13,661 million for the same period of the previous year, with an increase of 5.2%. On the other hand, impairment charges for financing losses decreased by SAR 546 million compared to the same period of the previous year, a decrease of 28.8%. NCB’s operating income increased to SAR 18,927 million compared to SAR 18,345 million for the same period of the previous year, an increase of 3.2%. NCB’s operating expenses decreased by 3.7% compared to the same period of the previous year.
Al-Ghamdi added, “The bank’s assets reached SAR 453 billion compared to SAR 445 billion at the closing of the previous year, with an increase of 1.9%. The Financing and Advances portfolio has amounted to SAR 265 billion compared to SAR 249 billion for the same period of the previous year, with an increase of 6.5%. The bank’s Investments increased to SAR 118 billion compared to SAR 115 billion, with an increase of 3.1%. Customers deposits’ amounted to SAR 319 billion compared to SAR 309 billion of the previous year, with an increase of 3.2%.”
Al-Ghamdi pointed out that NCB has furthered its leading position and has been at the forefront of Saudi banks for five consecutive years due to a series of major developments that have had the greatest impact on NCB's improved performance, growing net income, consolidated financial position, stronger presence, robust technical infrastructure, and human capital development and qualification. He stressed that NCB is continuing to pursue its vision of becoming the region's leading banking services group.
He also highlighted that NCB's positive results during the past year are a direct result of the efforts exerted by all departments to meet the needs of its customers across different segments. These results also reflect NCB's continued implementation of strategies that enabled it to realize its shareholders' aspirations, further develop and diversify its sources of income and support its financial and human resources in order to provide outstanding services to its customers.
Al-Ghamdi 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 employees for their contribution and support to help achieve these results.
NCB has made significant progress in terms of expansion and presence by opening more service outlets equipped with the latest new generation technology as a step that contributes to the development of the banking experience of its customers through a network of 401 branches across the Kingdom and 3,661 ATMs. All this has upgraded NCB's services and products, creating a stronger relationship between the Bank and its customers and making it easier for them to communicate around the clock and in many locations.
With respect to the NCB's eagerness to develop its human capital as a focal point in NCB’s strategy, NCB has made significant Saudization progress with a Saudization percentage of 96.6%, assuming the first place amongst Saudi Banks. Moreover, NCB has completely Saudized all leadership positions at NCB's front line so that competencies are 100% Saudis. As such, the number of NCB's employees in the Kingdom is currently 7,838 and with Saudi female employees representing 13.5% of the total number of employees.
As part of its social contributions and the endeavors made thereby through social responsibility programs "Ahalina", NCB managed to directly empower more than 17,092 thousand family members, young adults, and orphans from 27 cities and villages across the Kingdom since inception. Throughout 2018, NCB’s Ahalina provided non-profit funding to 4,693 females with a total of SAR 17 million in value as part of its finance programs to “Productive Families.” Furthermore, the bank had provided training through its Productive families program to 834 Saudi females. NCB also trained 484 male and female entrepreneurs throughout 2018 and provided care, sponsorship and education to 700 young orphan students in five regions in the Kingdom as part of its orphan care program. During the year, NCB launched 57 social initiatives by 150 male and female employees for 30 different charitable organizations as part of its “Professional Volunteer” program. Throughout the year, more than 750 NCB employees participated in these initiatives with a total of 3,237 volunteering hours across 21 Saudi cities.