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|23 April, 2019

Saudi's National Commercial Bank says Q1 profit rises 5.7%

The lender made a net profit of SAR3.16billion ($842 million) in the three-month period ending March 31, 2019

Image for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017.

Image for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017.

REUTERS/Faisal Al Nasser

DUBAI- Saudi Arabia's National Commercial Bank (NCB), the country's largest lender, on Tuesday reported a 5.7 percent rise in first-quarter net profit.

NCB made a net profit of 3.16 billion riyals ($842.7 million) in the three months to March 31, up from 2.99 billion riyals a year earlier, it said in a statement.

Deposits at the bank, which has perhaps the closest links to the government, were little changed year on year at 309.7 billion riyals at the end of March. 

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Loans and advances at the end of March stood at 268.7 billion riyals, up 6.3 percent.

Quarterly operating income rose by 4 percent to 4.95 billion riyals. ($1 = 3.7500 riyals)

(Reporting by Stanley Carvalho Editing by David Goodman) ((stanley.carvalho@thomsonreuters.com; + 9712 6444431; Reuters Messaging: stanley.carvalho.thomsonreuters.com@reuters.net))

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