JEDDAH, 10 April 2008 — The National Commercial Bank (NCB) has achieved net income of SR1.785 billion for the first quarter of 2008 which was higher by 4.9 percent compared to the first quarter of 2007. This was announced here yesterday by the bank’s chairman, Abdullah Salim Bahamdan.
The operating income of NCB grew by SR353 million, an increase of 14.7 percent. The bank has recorded a significant increase in its income from core activities; net special commission income increased by SR183 million (11.6 percent) and fees from banking services increased by SR77 million (16.7 percent).
Bahamdan said, “the foundation of these excellent results is the strong level of trust that NCB has earned from its valued customers, the bank’s broad range of products and services, and the deep commitment of the bank’s management and staff to improve service quality and to forge closer ties with our customers”.
The total assets of NCB increased by 28.6 percent to reach SR215.72 billion by the end of 31 March 2008 compared to the same period in 2007; net loans and advances reached SR88.97 billion, an increase of SR10.24 billion (13 percent); and customers’ deposits increased by 17.9 percent to SR143.95 billion.
The bank’s total shareholders’ equity grew by 14.4 percent to reach SR28.88 billion and the ratio of equity-to-assets stood at 13.4 percent, reflecting the bank’s robust capital adequacy.
The bank maintained high profitability ratios as return on average assets (ROA) was 3.4 percent and return on average equity (ROE) was 25 percent, while earnings per share reached SR1.18.
