NCB reports 8.7% rise in Q1 net income
Saudi Arabia’s biggest lender, National Commercial Bank (NCB) has reported a 8.7% rise in its net income for the first quarter of 2014 to SR2.535bn, compared with SR2.332bn for the same quarter of the previous year, Arab News has reported. The first-quarter net profit is an increase of 41.2% over the SR1.795bn recorded in the previous quarter, NCB said. Total shareholders’ equity jumped 9.7% to SR42bn from SR38bn for the same period of the previous year. Earnings per share reached SR1.69 compared to SR1.56 at the end of the same period of the previous year, the bank said.