The National Commercial Bank announced that net income for the first quarter of 2018 reached SAR 2,987 million compared to SAR 2,703 million for the same quarter of the previous year, an increase of 10.5%, and an increase of 16.8% compared to the SAR 2,556 million of the previous quarter.
Mr. Mansour Al-Maiman, NCB’s Chairman stated that total operating income reached SAR 4,779 million compared to SAR 4,860 million, a decrease of 1.7%. Net Special commission income grew by 1.8% to SAR 3,419 million from SAR 3,359 million. Whereas, impairment charges for financing losses decreased by SAR 430 million compared to the same period of the previous year.
Al-Maiman added that the Bank’s total assets reached SAR 438 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 increased from SAR 61 billion to SAR 64 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 SAR 253 billion at the end of the quarter compared to SAR 254 billion at the end of the same period last year. Customer deposits reached SAR 309 billion compared to SAR 313 billion year-over-year.
Al-Maiman 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 staff for their contribution and support to help achieve these results.