Saudi’s NCB posts 2% rise in first-quarter profit even as impairments surge 173%
Saudi Arabia’s National Commercial Bank posted a 2.1% rise in profit for the first three months of the year to 2.83 billion riyals ($750 million) compared to 2.78 billion riyals for the same quarter in 2019.
NCB is the Kingdom’s biggest bank by assets.
The bank said in a filing with the Saudi stock exchange on Sunday (May 17) that the higher net income was derived from an increase in total operating income and lower zakat and tax.
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