JEDDAH, 9 October 2006 — The chairman of the National Commercial Bank (NCB), Abdullah Bahamdan, announced that the bank has achieved net income totaling SR4.80 billion for the first 9 months of 2006, an increase of SR1.07 billion or 28.6 percent over the same period in 2005.
NCB’s total operating income also grew to SR7.07 billion during same period of 2006 compared to SR5.43 billion in the same period of last year, an increase of 30.3 percent.
Total assets grew by 10.8 percent to SR155.68 billion on Sept. 30, 2006 compared to the same period in 2005, net loans and advances increased to SR77.16 billion, an increase of 4.4 percent and customer deposits reached to SR113.91 billion, an increase of 10.9 percent. NCB’s total shareholders’ equity grew by 21.5 percent to SR23.73 billion and the ratio of equity to assets stood at a robust 15.2 percent, thus reinforcing its strong capital adequacy ratio and supported by maintaining continuous improvement in profitability.
The bank continued to maintain its high profitability ratios as return on average assets (ROA) increased to 4.3 percent and the return on average equity (ROE) was 28.2 percent while earnings per share (EPS) improved from SR4.2 to SR5.3.
NCB’s chairman concluded: “The foundation of these excellent results is the strong level of trust that NCB has earned from its loyal customers, variety of the bank’s products and services, and improving their quality in addition to the hard work and improved performance of the management and staff of the bank and our care to strengthen the relations and ties with our customers”.
The chairman expressed his deep gratitude to the bank’s clients, shareholders and staff for their continued support to NCB.
