The National Commercial Bank announced its financial results for the financial year ending 31/12/2010 where net profit during the fourth quarter reached SR 1,256 million compared to SR 769 million for the same quarter of the previous year, an increase of 63% and compared to a net profit of SR 828 million for the previous quarter, an increase of 52%. Operating income during the fourth quarter amounted to SR 2,731 million compared to SR 2,563 million for the same quarter of the previous year, an increase of 6.6%.
The net profit during the year amounted to SR 4,724 million compared to SR 4,040 million for the previous year, an increase of 16.9%, whereas operating income during the year reached SR 11,667 million against SR 11,479 million for the previous year, an increase of 1.6%.
Total assets, as of 31/12/2010, amounted to SR 282,372 million compared to SR 257,452 million at the end of the previous year, an increase of 9.7%. Loans and advances amounted to SR 125,597 million compared SR 112,158 million at the end of the previous year, an increase of 12%. Customer deposits grew to reach SR 229,160 million compared to SR 202,583 million at the end of the previous year, an increase of 13.1%.
This increase in profits affirms the Bank's ability to deploy effectively its funds; the bank's strategy to expand its sources of revenue has contributed to this result.
-Ends-
© Press Release 2011
