Saudi Arabia’s National Commercial Bank posts 24% rise in quarterly profit

Saudi Arabia’s National Commercial Bank posted a rise in net profit of 23.8% for the third-quarter on higher operating income and lower impairments.

NCB’s profit reached 3.158 billion riyals ($0.842 million) for July through September, compared to 2.551 billion riyals for the same period last year, it reported in a bourse filing on Tuesday (Oct 27).

The bank said total operating income increased by 12.8% mainly due to higher net special commission income, investment-related income and higher fees including from banking services.

Operating expenses, including impairments, were lower by 9.8%.

Net impairment charges for expected credit losses for the third-quarter was 379 million riyals compared to 663 million riyals for the same three months last year.

NCB earlier this month announced a merger deal with Samba Financial Group that will create an entity with 837 billion riyals ($223 billion) in assets.

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