The National Commercial Bank announced that net income for the first quarter 2014 reached SR2,535m compared to SR2,332m for the same quarter of the previous year, an increase of 8.7%, and compared to SR1,795m for the previous quarter, an increase of 41.2%.
Mr. Mansour Al-Maiman, NCB’s Chairman remarked, “The Bank’s growth and diversity of its financing and investment products has contributed to an increase in net special commission income and foreign exchange income, net by 4.5% and16.4% respectively.”
Al-Maiman added, “The Bank’s total assets grew to reach SR420bn compared to SR358bn at the end of the same period of the previous year, an increase of 17.4%. Total shareholders’ equity reached SR42bn compared to SR38bn, for the same period of the previous year, an increase of 9.7%. Earnings per share reached 1.69 riyal compared to 1.56 riyal at the end of the same period of the previous year.”
Loans and advances increased to SR197bn compared to SR171bn at the end of the same period of the previous year, an increase of 15.7%. Customer deposits grew to SR333bn compared to SR277bn at the end of the same period of the previous year, an increase of 20.4%.
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.
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