NCB’s net income reached SR 5,042 million for nine months of 2012

Monday, 1 October, 2012

The National Commercial Bank announced that net income for the nine months of 2012 reached SR 5,042 million compared to SR 4,473 million for the same period of the previous year, an increase of 12.7%, Net income for the third quarter amounted to SR 1,480 million.

NCB’s chairman Mr. Mansour Al-Maiman remarked that the Bank’s strategy to diversify its sources of revenue has resulted in an increase of 20.9% in fee income from banking services and 7.5% in net special commission income, compared to the same period of the previous year.

Mr. Mansour Al-Maiman added that the Bank’s total assets grew to reach SR 321 billion compared to SR 307 billion at the end of the same period of the previous year, an increase of 4.5%. Total shareholders’ equity reached SR 38.4 billion compared to SR 34.7 billion at end of the same period of the previous year, an increase of 10.9%.

The loans and advances portfolio grew to SR 157 billion compared to SR 130 billion at the end of the same period last year, an increase of 21.1%; customer deposits grew to SR 251 billion compared to SR 243 billion at the end of the same period last year, an increase of 3.4%.

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 it achieve these results.