NCB’s net income reached SR 2,631 million for first quarter of 2016

The National Commercial Bank announced that net income for the first quarter 2016 reached SR 2,631 million compared to SR 2,606 million for the same quarter of the previous year, an increase of 1%,  and compared to SR 2,127 million for the previous quarter, an increase of 23.7%.

Mr. Mansour Al-Maiman, NCB’s Chairman remarked that the Bank’s growth and diversity of its financing and investment products has contributed to an increase in net special commission income and foreign exchange income, net  by 9.9% and14.1% respectively. 

Al-Maiman added that the Bank’s total assets grew to reach SR 453 billion compared to SR 450 billion at the end of the same period of the previous year, an increase of 0.8%. Total shareholders’ equity reached SR 59 billion compared to SR 49 billion, for the same period of the previous year, an increase of 19.8%. Earnings per share reached 1.32 riyal compared to 1.31 riyal at the end of the same period of the previous year.

Financing and advances increased to SR 265 billion compared to SR 227 billion at the end of the same period of the previous year, an increase of 16.8%. Customer deposits declined to SR 326 billion compared to SR 343 billion at the end of the same period of the previous year, a drop of 4.9%.

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.