NCB’s Net Profit Up 16.8 Percent

RIYADH, 18 July 2004 — National Commercial Bank (NCB), Saudi Arabia’s largest, said on Friday its first-half net profit rose 16.8 percent to SR1.75 billion ($466.7 million). The mainly state-owned bank said earnings per share increased to SR14.6 from SR12.5 a year earlier. Return on average shareholder’s equity rose to 31.1 percent from 30.4 percent. NCB said in a statement its board approved distributing dividends of SR960 million, or SR8 per share. Total operating income rose 9.65 percent to SR2.84 billion in the first six months of 2004 from a year earlier. The bank made a 2003 net profit of SR3.01 billion.