Business & Money | Thursday 19 January, 2017 4:00 am |

The National Commercial Bank (NCB) announced its record net income in 2016, which reached SR 9.32 billion compared to SR 9.09 billion for the previous year, achieving an increase of SR 228 million, with a growth rate of 2.5% compared to 2015. The Q4 net income reached SR 2.29 billion compared to SR 2.13 billion in Q4 of the previous year, achieving an increase of 7.5%. Earnings per share reached SR 4.66 compared to SR 4.54 for the same period of the previous year.

 

Mr. Mansour Al-Maiman, Chairman of the National Commercial Bank (NCB), stated: “The growth and diversification of the bank’s finance products contributed to the increase of net special commission income to reach SR 13.55 billion in 2016 compared to SR 12.58 billion for the same period of the previous year, achieving an increase of 7.7%. Net special commission income in Q4 reached SR 3.36 billion compared to SR 3.17 billion of Q4 of the previous year, with an increase of 6.%. Total operating income in 2016 reached SR 18.65 billion compared to SR 17.49 billion of 2015, with an increase of SR 1.16 billion, achieving an increase of 6.6%. Total operating income in Q4 reached SR 4.60 billion compared to SR 4.44 billion of Q4 of the previous year, with an increase of 3.6%.”

 

“The bank assets reached SR 441 billion compared to SR 449 billion at the closing of the previous year, with a decrease of 1.6%. The Financing and Advances portfolio has increased to reach SR 254 billion over the last twelve months compared to SR 253 billion for the same period of the previous year. The Investments reached SR 112 billion compared to SR 134 billion, with a decrease of 16.8%. Customers deposits’ decreased by 2.5% to reach SR 316 billion compared to SR 324 billion of the previous year,” Al-Maiman added.

 

He also stated that the Bank’s investments in IT infrastructure and new advanced systems to replace the existing systems have made a qualitative leap in convenience, service level and customer experience, in addition to quick turnaround of transactions.

Al-Maiman added: “We have achieved advancements on all levels to continue our journey in realizing our vision to be the Premier Financial Service Group in the Region. It also showcases our strong position in the Saudi banking sector which was attained by meeting our customers’ expectations and our flexibility to meet the market demands.”

Al-Maiman also remarked that NCB continued to expand its geographical outreach and opened more service outlets by adding 22 new branches, including some branches equipped with state-of-art technologies and modern design in an initiative to develop our customers’ banking experience and provide best services. This brings the total of NCB branches to 374 by the end of the year. Also, 10 new QuickPay centers were opened bringing the total of centers to 148; plus 262 new ATMs were installed to reach 3,189 machines throughout the Kingdom at the end of the year. This enhanced the bank’s capability to improve its products and services and better reach its’ customers, which will give the customer access to all our services 24/7. 

Al-Maiman concluded by expressing his deep gratitude to the Bank’s customers and shareholders for their trust in the Bank and to the Board of Directors and staff for their contribution and support to help the bank achieve these results.