RIYADH, 17 January 2005 — National Commercial Bank (NCB), Saudi Arabia’s largest, said yesterday its net profits for 2004 rose by 14.7 percent to SR3.531 billion ($941.6 million). The bank, which is mainly state-owned, said in a statement it would not issue a dividend for the second half of 2004 but would instead boost shareholder equity to SR13.775 billion. Return on average assets was 2.8 percent and return on average shareholders’ equity was 29.3 percent. In 2003, the bank reported return on average assets of 2.9 percent and a return on average equity of 32.2 percent.