Riyadh – Mubasher: National Commercial Bank (NCB) on Tuesday reported a rise in its net profits in the first quarter of 2017 on year-on-year and quarter-on-quarter basis.
The bank posted profits of SAR 2.7 billion in Q1-17, up 2.74% from SAR 2.63 billion in the same period in 2016, according to a filing to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, the Saudi bank achieved an 18.19% growth in profits, compared to SAR 2.287 billion.
Net profit special commission income declined 2.21% to SAR 3.360 billion in the first three months of the year, compared to SAR 3.436 billion in Q1-16.
Earnings per share (EPS) stood at SAR 1.35, up from SAR 1.32 in the first three months of 2016.
NCB attributed the year-on-year rise in profits to a 2.9% improvement in total operating income “as a result of higher trading income, income from fair value through income statements (FVIS) investment, and gains on non-trading investment,” in addition to a decline in “net special commission income and fees from banking services,” according to the statement.
Meanwhile, total operating expenses increased 3.2% backed by a rise in “impairment charges for credit losses and the increase in deprecation of property and equipment which was slightly offset by the decrease in amortisation of intangible assets in addition to the decrease in salaries and employee-related expenses,” NCB revealed.
