NCB’s Q1 net income hits SR 2.33 billion

The National Commercial Bank (NCB) announced that its net income for Q1, 2013 reached SR 2.33 billion compared to SR 1.95 billion for the same quarter of the previous year, an increase of 19.4 percent, and compared to SR 1.41 billion for the previous quarter, an increase of 65.3 percent.
Mansour Al-Maiman, chairman of the board of directors of NCB, commenting on the bank’s results said its total assets grew to reach SR 358 billion compared to SR 314 billion at the end of the same period of the previous year, an increase of 14.2percent. Total shareholders’ equity reached SR 38 billion compared to SR 35 billion for the same period of the previous year, an increase of 9.3 percent. Earnings per share reached SR 1.56 compared to SR 1.31 at the end of the same period of the previous year.
Loans and advances increased to SR 171 billion compared to SR 142 billion at the end of the same period of the previous year, an increase of 19.9 percent. Customer deposits grew to SR 277 billion compared to SR 248 billion at the end of the same period of the previous year, an increase of 11.6 percent.
Al-Maiman concluded by expressing his deep gratitude to the bank’s clients and shareholders for their trust in the bank and to the board of directors and staff for their contribution and support to help it achieve these results.