Riyadh – Mubasher: The National Commercial Bank (NCB) reported an 11.76% rise in net profits for the fourth quarter of 2017 compared to the same period a year earlier, according to the lender’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
Net profits levelled up to SAR 2.56 billion in Q4-17 up from SAR 2.3 billion in Q4-16.
Total profits of the kingdom's largest bank hiked 20.23% in Q4-17 compared to the same period the year before.
The growth in profits is attributed to “higher net income derived from improvement in operating expenses and higher other non-operating partly offset by lower total operating income,” the statement added.
In 2017, the bank’s net profits grew 5.21% to SAR9.8 billion versus SAR 9.3 billion the previous year.
The lender’s stock closed Monday’s trading session down 1.16% at SAR 58.11.
