RIYADH, 17 October 2003 — National Commercial Bank (NCB), Saudi Arabia’s largest bank, said on Wednesday it made a third-quarter net profit of SR2.36 billion ($629 million), up from SR1.96 billion in the same period last year. It said the figure for the third quarter of 2003 did not include SR81 million set aside for loan loss provisions.
Return on average assets amounted to 2.9 percent while return on average equity stood at 32.2 percent, a bank statement said.
Total assets increased 11.3 percent to SR114.2 billion and shareholders’ equity was also higher at SR10.6 billion compared with SR8.5 billion. Loans and advances rose to SR47.5 billion from SR44.8 billion.