The National Commercial Bank announced that its net income for the nine months of 2018 reached SAR 8,020 million compared to SAR 7,245 million for the same period of the previous year, an increase of 10.7%. NCB’s net income for the third quarter reached to SAR 2,454 million compared to SAR 2,126 million for the same period of the previous year, an increase of 15.4%.
Mr. Saeed Al-Ghamdi, NCB’s Chairman announced that total operating income increased to SAR 14,171 million compared to SAR 13,830 million for the same period of the previous year, an increase of 2.5%. Furthermore, net special commission income reached to SAR 10,629 million compared to 10,286 million, an increase of 3.3%.On the other hand, impairment charges for financing losses decreased by SAR 664 million compared to the same period of the previous year.
Al-Ghamdi added that the Bank’s total assets reached SAR 459 billion compared to SAR 446 billion at the end of the same period last year an increase of 2.9%. Total shareholders’ equity attributable to equity holders of the bank increased to SAR 63 billion from SAR 61 billion in the same period last year, an increase of 1.7%. Earnings per share grew to 2.59 Riyal compared to 2.34 Riyal at the end of the same period of the previous year.
Financing and advances increased to SAR 268 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 325billion compared to SAR 303 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.