Riyadh – Mubasher: The National Commercial Bank (NCB) on Tuesday posted a 6.7% year-on-year increase in net profits for the second quarter of 2018.
The Saudi Arabia-based bank logged a net profit of SAR 2.6 billion in Q2-18, compared to SAR 2.4 billion during Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, NCB's profits tumbled 13.66% in the period between April and June, from SAR 2.98 billion.
The Saudi lender attributed the second-quarter profit rise to a growth in total operating income.
At the level of first six months of 2018, the Tadawul-listed banks posted a net profit of SAR 5.6 billion, up 8.71% from SAR 5.1 billion in H1-17.
The increase in H1-18 profits was ascribed to a rise in total operating income, coupled with a decline in operating expenses.
NCB’s stock inched down 0.21% to end Tuesday at SAR 47.80.
