Saudi NCB posts 6.4pc rise in Q1 profit
Riyadh, April 12, 2011
National Commercial Bank (NCB), Saudi Arabia's biggest bank by assets, posted a 6.4 percent rise in its first-quarter net profit, the lender said in an emailed statement on Tuesday.
State-owned NCB made a net profit of 1.5 billion Saudi riyals ($400 million) in the three months ended March 31, compared with 1.4 billion riyals in the same period a year earlier.
The bank attributed the rise in net profit to a decline in operational costs for the quarter. The unlisted lender's assets grew by 12.9 percent in the first quarter to 299 billion riyals and its loans portfolio expanded by 9.7 percent to 125 billion riyals, the bank said.
Customer deposits grew by 18.9 percent to 239 billion riyals in the first-quarter, compared with 201 billion riyals in the same period a year earlier.
NCB's chief executive, Abdul-Kareem Abu Al-Nasr, last month said he expected Saudi banks to see higher profits this year as they take less provisions and start to lend more.
He expected NCB to post higher profits this year than 2010 where the bank posted 4.7 billion riyals. - Reuters