Riyadh – Mubasher: National Commercial Bank - Saudi Arabia’s (NCB) profits rose 2.13% year-on-year to SAR 2.29 billion ($611 million) in the fourth quarter of 2016 compared to SAR 2.13 billion ($568 million).
The increase in net profit was due to higher operating income by 3.6%, as a result of higher net special commission income, income from FVIS investments and gains on non-trading investments, according to a bourse filing on Wednesday.
Total operating expenses increased by 0.5% mainly driven from higher other general and administrative expenses which was slightly offset by lower impairment charges on financing and investments also contribute to the rise in profits.
On the twelve-month level, the company’s profits went up 2.51% to SAR 9.3 billion from SAR 9.09 billion in 2015.
Profit Special commission income Investments, reached SAR 17,521 million in the current period against SAR 15,416 million similar period for previous year with a change of 13.7%, the statement said.
