Saudi’s National Commercial Bank first-half profit slides as impairments surge 160%
National Commercial Bank posted a 9.869% drop in net profit for the first half of the year compared to the same period in 2019.
The Saudi bank reported 4.922 billion riyals ($1.313 billion) in net profit for the six months ending June 30 versus 5.461 billion riyals for the corresponding period last year, according to its bourse filing on Sunday (July 26).
NCB said total operating expenses, including impairments, were higher by 18.5% mainly due to a few items, including higher net impairment charges for expected credit losses.
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