NCB Chairman Abdullah Bahamdan said the rising profitability affirms the bank's ability to deploy effectively its funds and expand its sources of revenue, and reflects effective execution of a strategy centered on service excellence.

He added that the bank generated growth in its core activities: Net special commission income grew by 3.8 percent, fee income by 3.1 percent, loans and advances by 11.6 percent to reach SR113.8 billion at the end of Q1, 2010 compared with same period of last year. Customer deposits reached SR201.3 billion at the end of Q1, 2010.

Bahamdan said the bank's premium results reinforced its strong balance sheet and capital as total assets grew by 5.6 percent to SR264.8 billion and shareholders' equity by 13.1 percent to SR28.8 billion at the end of Q1, 2010.