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NCB Net Income Surpasses SR 1,850 million - ASHARQ AL-AWSAT English Archive
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Jeddah, Asharq Al-Awsat- Chairman of The National Commercial Bank (NCB), Abdullah Bahamdan, announced that the Bank has achieved net income totaling SR 1,852 million for 1st Quarter 2006, an increase of SR 635 million (52.2%) over same period in 2005.

NCB’s Chairman elaborated further on the financial results stating that total operating income grew to SR 2,622 million during 1st Quarter 2006 compared to SR 1,688 million in the same period of last year, an increase of 55.3%. This increase has been achieved as a result of a strong increase in net fee from banking services of 195% where it increased from SR 232 million during 1st Quarter 2005 to SR 685 million in 1st Quarter 2006, in addition to increase in net special commission income, income from FVIS financial instruments and investment disposal gain.

NCB maintained its leadership position among Saudi banking in term of balance sheet volume. Total assets grew by 8.8% to SR 143,860 million.

Net loans and advances increased to SR 73,867 million and Customer deposits reached to SR 100,558 million.

NCB’s total shareholders’ equity grew by 42.8% to SR 21,650 million at the end of the 1st Quarter of 2006, thus reinforcing its strong capital adequacy ratio and supported by maintaining continuous improvement in profitability.

The Bank continued to maintain its high profitability ratios as return on average assets (ROA) increased to 5.1%, the return on average equity (ROE) was 34.2%, while earnings per share (EPS) improved from SR 6.8 in 1st Quarter 2005 to SR 10.3 in 1st Quarter 2006.

The General Assembly of shareholders at its extraordinary meeting held on 25 March 2006 approved increasing the paid in capital from SR 6,000 million to SR 9,000 million by capitalizing SR 3,000 million from general reserve to paid in capital through issuance of one bonus share for every two shares.

NCB’s Chairman concluded: “The foundation of these excellent results is the strong level of trust that NCB has earned from its loyal customers, and the quality and variety of the Bank’s products and services, in addition to the hard work and improved performance of the management and staff of the Bank”.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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