JEDDAH, 16 October 2004 — The National Commercial Bank (NCB) has posted a net profit of SR2.60 billion ($694 million) at the third quarter-end of 2004, an increase of SR241 million ($64.2 million) over the same period in 2003.
The bank’s total shareholders’ equity grew to SR12.42 billion at the end of the third quarter and it maintained its high profitability ratios as the return on average assets was 2.86 percent, the return on average equity was 30.5 percent and earnings per share improved to SR21.7, according to the results announced by NCB Chairman and Managing Director Sheikh Abdalla Bahamdan.
Income from operations grew by 4.5 percent to reach SR4.34 billion compared to SR4.15 billion during the same period last year. “By adjusting for gains on investment and dividend income, a clearer picture of the growth in income from core operations will emerge, resulting in a 15.4 percent increase totaling SR4.3 billion compared to SR3.72 billion over the same period in 2003,” he said. “The foundation of these excellent results is the strong level of trust that NCB has earned from its loyal customers, whose deposits have grown to SR97.88 billion, an increase of 9.6 percent over the third quarter mark last year. Moreover, net loans and advances have continued their rapid rise to reach SR59.96 billion, a 26.4 percent increase over their level on Sept. 30, 2003,” Bahamdan said.
The bank’s strong efforts and continuous sound achievements have led to the rise of its credit rating.