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Another record year for NCB: Highest-ever revenues with an increase of 10.2% compared to 2013
The National Commercial Bank (NCB) announced its record net income in 2014, which reached SR 8.66 billion compared to SR 7.85 billion for the previous year, achieving an increase of SR 803 million, with a growth rate of 10.2% compared to 2013. The Q4 net income reached SR 1.83 billion compared to SR 1.80 billion in Q4 of the previous year, achieving an increase of 1.7%. Earnings per share reached SR 4.34 compared to SR 3.94 for the same period of the previous year.
Mr. Mansour Al-Maiman, Chairman of the National Commercial Bank (NCB), stated: "the growth and diversification of the bank's finance and investment products contributed to the increase of special commission income to reach SR 11.28 billion in 2014, achieving an increase of 11.7% compared to SR 10.1 billion for the same period of the pervious year. The special commission net income in Q4 reached SR 3.01 billion compared to SR 2.64 billion of Q4 of the previous year, with an increase of 13.8%, and SR 2.77 billion for the previous quarter, achieving an increase of 8.5%. The income from operations in 2014 reached SR 16.23 billion compared to SR 14.86 billion of 2013, with an increase of SR 1.37 billion, achieving an increase percentage of 9.2%. The income from operations in Q4 reached SR 4.04 billion compared to SR 3.67 billion of Q4 of the previous year, with an increase of 10.0%."
The bank assets increased to reach SR 435 billion compared to SR 377 billion at the closing of the previous year, with an increase of 15.3%. The finance and advances portfolio has increased to reach SR 221 billion over the last twelve months compared to SR 188 billion for the same period of the previous year, achieving an increase of 17.6%. The Investments reached SR 153 billion compared to SR 125 billion, with an increase of 22.0%. The customer deposits increased at 10.8% to reach SR 333 billion compared to SR 301 billion of the previous year, with an increase of SR 32 billion, achieving an increase percentage of 10.6%, Al-Maiman added.
NCB continued its successful credit risk management during 2014 taking all necessary provisions as per the best conservative practices in determining provisions. With these results and achievements, NCB was successful in maintaining its A+ rating by Standard & Poor's and Fitch agencies, which reflects NCB strong financial position in the Kingdom, high levels of financial liquidity, in addition to the high standard of credit portfolios.
Al-Maiman added: "We have achieved advancements on all levels to continue our journey in realizing our vision to be the Premier Banking Service Group in the Region. It also showcases our strong position in the Saudi banking sector which was attained by meeting our customers' expectations and our flexibility to meet the market demands."
Al-Maiman also remarked that NCB continued to expand its geographical outreach and opened more service outlets by adding 21 new branches to bring the total of NCB branches to 342 by the end of the year. Also, 40 new Quick Pay centers were opened bringing the total of QP centers to 97; plus 444 new ATMs were installed to reach 2,643 machines; and new 12,500 P.O.S. were added to reach 26,514 through the Kingdom at the end of the year. This enhanced the bank's capability to improve its products and services and reach its customers, which will give the customer access to all services 24/7.
Al-Maiman concluded by expressing his deep gratitude to the Bank's customers and shareholders for their trust in the Bank and to the Board of Directors and staff for their contribution and support to help the bank achieve these results. He also thanked the Government of the Custodian of the Two Holy Mosques, Ministry of Finance and the Saudi Arabian Monetary Agency (SAMA), whose fiscal and monetary policies had the greatest impact in creating and improving the economic climate for Saudi businesses in general and the banking industry in particular.
-Ends-
© Press Release 2015
