The National Commercial Bank announced that net income for the first quarter 2014 reached SR 2,535 million compared to SR 2,332 million for the same quarter of the previous year, an increase of 8.7%, and compared to SR 1,795 million for the previous quarter, an increase of 41.2%.
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 and foreign exchange income, net by 4.5% and16.4% respectively.
Al-Maiman added that the Bank’s total assets grew to reach SR 420 billion compared to SR 358 billion at the end of the same period of the previous year, an increase of 17.4%. Total shareholders’ equity reached SR 42 billion compared to SR 38 billion, for the same period of the previous year, an increase of 9.7%. Earnings per share reached 1.69 riyal compared to 1.56 riyal at the end of the same period of the previous year.
Loans and advances increased to SR 197 billion compared to SR 171 billion at the end of the same period of the previous year, an increase of 15.7%. Customer deposits grew to SR 333 billion compared to SR 277 billion at the end of the same period of the previous year, an increase of 20.4%.
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.
