The Chairman & Managing Director of The National Commercial Bank (NCB), Sheikh Abdulla Bahamdan, announced that the Bank achieved net profit of SR2,431 million for the six months period ending 30 June 2005, a 39% increase over the same period of last year.
NCB’s total shareholders’ equity grew by 49% to SR18,166 million at the end of the 2nd Quarter of 2005, thus reinforcing its strong capital adequacy ratios. The Bank maintained its high profitability ratios as the return on average assets (ROA) increased to 3.6%, the return on average equity (ROE) reached 30.4%, and earnings per share (EPS) improved by 39% to SR 20.3 .
Sheikh Abdulla continued: “The foundation of these excellent results is the strong level of trust that NCB has earned from its loyal customers, whose deposits have grown to SR103,749 million, an increase of 7% over the same period of last year. Moreover, net loans and advances have continued their rise to reach SR71,830 million, a 27.1% increase over their level on June 30th, 2004.” NCB’s total asset has also increased by 11% to reach SR139,332 million.
The Chairman concluded his remarks by expressing his appreciation for the distinguished efforts of NCB’s management and staff to raise the level of service to the Bank’s clients and to improve its products. He also expressed his deep gratitude to the Bank’s clients, shareholders and affiliates for their continued support.