An increase of 19.4% over first quarter of last year and 65.3% over previous quarter
The National Commercial Bank announced that net income for the first quarter 2013 reached SR 2,332 million compared to SR 1,954 million for the same quarter of the previous year, an increase of 19.4%, and compared to SR 1,410 million for the previous quarter, an increase of 65.3%.
Mr. Mansour Al-Maiman, NCB's Chairman remarked that the Bank's growth and diversity of its financing and investment products has contributed to an increase in net special commission income by 10.4% and an increase of 7.2% in fee income from banking services, compared to the same period of the previous year.
Al-Maiman added that the Bank's total assets grew to reach SR 358 billion compared to SR 314 billion at the end of the same period of the previous year, an increase of 14.2%. Total shareholders' equity reached SR 38 billion compared to SR 35 billion,for the same period of the previous year, an increaseof 9.3%. Earnings per share reached 1.56 riyal compared to 1.31 riyal at the end of the same period of the previous year.
Loans and advances increased to SR 171 billion compared to SR 142 billion at the end of the same period of the previous year, an increase of 19.9%. Customer deposits grew to SR 277 billion compared to SR 248 billion at the end of the same period of the previous year, an increase of 11.6%.
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.
© Press Release 2013
