Riyadh – Mubasher: National Commercial Bank (NCB) posted on Sunday a net profit of SAR 2.44 billion ($650.13 million) for the second quarter of the fiscal year 2016; 3.17% up from SAR 2.36 billion ($630.13 billion) in Q2-15, according to a bourse filing.
However, net profit shrank 7.34% quarter-on-quarter, compared to SAR 2.63 billion in Q1-16.
The q-o-q rise in net profit was driven by a 8.1% growth in total operating income as result of the increase in net special commission income, fees from banking services, FX and trading income.
Income from gains on non-trading investments declined, while operating expenses increased by 14.3% thanks to higher impairment charges for financing.
In the first half of 2016, net profit grew 2% to SAR 5.7 billion, versus SAR 4.97 billion in H1-15.
The rise was attributed to the rise in operating income by 6.8% as result of higher net special commission income, fees from banking services and FX.
NCB earlier reported a rise of 0.96% in first-quarter net profit to SAR 2.63 billion, compared to SAR 2.6 billion in Q1-15.
