Top Saudi bank NCB swings to Q4 profit
Riyadh, January 16, 2010
National Commercial Bank (NCB), Saudi Arabia's largest bank by assets, made a net profit of SR770 million ($205.3 million) in the fourth quarter versus a net loss of 2.55 billion riyals a year earlier.
The state-owned NCB, which is slated for privatisation, made a net profit of SR4.04 billion in 2009, a near 100-per cent rise from the 2.03 billion riyals profit for 2008, it said in a statement.
'This (rise in 2009 net profit) confirms the bank's ability to efficiently manage its assets and diversify its sources of income in spite of global economic challenges,' it said.
NCB's fourth-quarter earnings bucked a trend that affected most listed Saudi banks which reported lower earnings both during the fourth-quarter and 2009.-Reuters