- JEDDAH: The National Commercial Bank announced its financial results for the financial year ending Dec.
- 31, 2010, where net profit during the fourth quarter reached SR 1.256 billion compared to SR769 million for the same quarter of the previous year, an increase of 63 percent and compared to a net profit of SR828 million for the previous quarter, an increase of 52 percent.
The net profit during the year amounted to SR4.724 billion compared to SR4.040 billion for the previous year, an increase of 16.9 percent, whereas operating income during the year reached SR11.667 billion against SR11.479 billion for the previous year, an increase of 1.6 percent.
Total assets, as of Dec. 31, 2010, amounted to SR282.372 billion compared to SR257.452 billion at the end of the previous year, an increase of 9.7 percent. Loans and advances amounted to SR125.597 billion compared to SR112,158 billion at the end of the previous year, an increase of 12 percent. Customer deposits grew to reach SR229.160 billion compared to SR202.583 billion at the end of the previous year, an increase of 13.1 percent.
This increase in profits affirms the bank's ability to deploy effectively its funds; the bank's strategy to expand its sources of revenue has contributed to this result, the bank said in a statement on Monday.