Jeddah, Asharq Al-Awsat- Chairman of The National Commercial Bank (NCB), Sheikh Abdalla Bahamdan, announced that the Bank have achieved the same level of profitability for the first nine months of 2007 compared with the same period where net income at period end reached around SR 4,800 million which is almost the same level of the comparative period.
Bahamdan announced that the Bank net income without capital gains (loss) reached SR 4,813 million for the first nine months of 2007 compared to SR 4,175 million for the first nine months of 2006, an increase of SR 638 million (15.3%).
He added that total assets grew by 23.6% to SR 192,388 million on 30 September 2007 compared to the end of 30 September 2006, net loans and advances increased to SR 86,793 million, an increase of 12.5%. Bahamdan pointed out that customer deposits reached SR 136,428 million, an increase of 19.8%; in addition, NCB’s total shareholders’ equity grew by 14.7 % to SR 27,224 million and the ratio of equity to assets stood at a robust 14.2 %, thus reinforcing its strong capital adequacy ratio.
The Bank continued to maintain high profitability ratios as return on average assets (ROA) increased to 3.7% and the return on average equity (ROE) was 25% while earnings per share reached SR 3.20.
The Board of Directors approved on 3 July 2007 interim net dividends of SR 1,050 million, at the rate of SR 0.70 per share, net of Zakat. The dividend was paid during Quarter 3, 2007.