Business & Money | Thursday 1 August, 2019 1:30 am |

The National Commercial Bank announced that its net income before calculating Zakat and income tax for the first half of 2019 reached SAR 6,239 million compared to SAR 5,653 million for the same period of the previous year, with an increase of SAR 585 million and a growth of 10.4%. Moreover, the net income after Zakat and income tax attributable to common equity holders reached SAR 5,461 million compared to SAR 4,768 million for the same period of the previous year with an increase of SAR 693 million and with a growth of 14.5%. Additionally, the net income before Zakat and income tax for the second quarter reached SAR 3,047 million compared to SAR 2,624 million for the same period of the previous year with an increase of 16.1%, and the net income after Zakat and income tax attributable to common equity holdersfor the second quarter reached SAR 2,686 million compared to SAR 2,166 million for the same period in the previous year with an increase of 24.0%. Earnings per share after Zakat and income tax grew to 1.76 Riyal compared to 1.53 Riyal at the end of the same period of the previous year.

 

Mr. Saeed Al-Ghamdi, Chairman of NCB, said that NCB’s strong financial position of enabled the Bank to continue its growth, highlighting that these results reflect the Bank’s continuous efforts to operate in accordance with well-established strategies to achieve the aspirations of its shareholders, increase and diversify its sources of income, and support its financial and human capital resources to offer its customers with best services. The results also reflect the Bank’s capability to employ its assets efficiently.

 

Mr. Al-Ghamdi added that the Bank’s total assets reached SAR 479 billion compared to SAR 456 billion at the end of the same period the last year. The total shareholders’ equity attributable to equity holders of the bank increased to SAR 67 billion from SAR 64 billion in the same period last year, with an increase of 5.3%.

 

Financing and advances increased to SAR 276 billion at the end of the period compared to SAR 266 billion at the end of the same period last year. Customer deposits reached SAR 327 billion compared to SAR 318 billion year-over-year. 

 

NCB continued its leading role in supporting the mega projects and initiatives, financing small and medium enterprises (SMEs), supporting housing sector, and developing the IT infrastructure.

 

Al-Ghamdi highlighted that the Bank’s efforts to achieve its vision to be the Premier Financial Services Group in the Region were reflected in the Bank’s performance, increase of net income, strong financial position, digital transformation, outreach, development and training of human capital, in addition to increasing its NextGen digital channels to enhance the customers’ banking experience.