NCB's net income surges to SR 3.56 bn

The National Commercial Bank (NCB) announced that net income for the first half of 2012 reached SR 3.56 billion compared to SR 2.93 billion for the same period of the previous year, an increase of 21.7 percent. Net income for the second quarter amounted to SR 1.61 billion, which compares to SR 1.42 million for the same quarter of the previous year, an increase of 12.9 percent, and to SR 1,954 billion for the first quarter of 2012, a decrease of 17.7 percent.
NCB Chairman Mansour Al-Maiman added that the bank's total assets grew to reach SR 320 billion compared to SR 314 billion at the end of the same period of the previous year, an increase of 2.1 percent. Total shareholders' equity reached SR 36.8 billion compared to SR 33.3 billion at end of the same period of the previous year, an increase of 10.4 percent.
The loans and advances portfolio grew to SR 150 billion compared to SR 130 billion at the end of the same period last year, an increase of 15.4 percent; customer deposits grew to SR 250 billion.
Al-Maiman expressed his deep gratitude to the bank's clients and shareholders for their trust in the bank and to the board of directors and staff for their contribution and support to help it achieve these results.