The National Commercial Bank announced that its net income for the first half of 2018 reached SAR 5,566 million compared to SAR 5,120 million for the same period of the previous year, an increase of 8.7%. NCB’s net income for the second quarter reached to SAR 2,579 million compared to SAR 2,417 million for the same period of the previous year, an increase of 6.7%.
Mr. Saeed Al-Ghamdi, NCB’s Chairman announced that total operating income increased to SAR 9,440 million compared to SAR 9,338 million for the same period of the previous year, an increase of 1.1%. Furthermore, net special commission income reached to SAR 6,992 million compared to 6,832 million, an increase of 2.3%.On the other hand, impairment charges for financing losses decreased by SAR 567 million compared to the same period of the previous year.
Al-Ghamdi added that the Bank’s total assets reached SAR 454 billion compared to SAR 450 billion at the end of the same period last year. Total shareholders’ equity attributable to equity holders of the bank increased to SAR 64 billion from SAR 60 billion in the same period last year, an increase of 6.9%. Earnings per share grew to 1.80 Riyal compared to 1.66 Riyal at the end of the same period of the previous year.
Financing and advances increased to SAR 266 billion at the end of the period compared to SAR 257 billion at the end of the same period last year. Customer deposits reached SAR 318 billion compared to SAR 315 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 to the Board of Directors and employees for their contribution and support to help achieve these results.