Jeddah, Asharq Al-Awsat- The Chairman of The National Commercial Bank (NCB), Sheikh Abdalla Bahamdan, announced that the Bank has achieved net income totaling SR 4,803 million for the first 9 months of 2006, an increase of SR 1,068 million (28.6%) over the same period in 2005 and total operating income grew to SR 7,073 million during same period of 2006 compared to SR 5,431 million in the same period of last year, an increase of 30.3%.
Total assets grew by 10.8% to SR 155,676 million on 30 September 2006 compared to the end of 30 September 2005, net loans and advances increased to SR 77,162 million, an increase of 4.4% and customer deposits reached to SR 113,910 million, an increase of 10.9%. In addition, NCB’s total shareholders’ equity grew by 21.5 % to SR 23,727 million and the ratio of equity to assets stood at a robust 15.2 %, 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 4.3% and the return on average equity (ROE) was 28.2% while earnings per share (EPS) improved from SR 4.2 to SR 5.3.
NCB’s Chairman concluded: “The foundation of these excellent results is the strong level of trust that NCB has earned from its loyal customers, variety of the Bank’s products and services, and improving their quality in addition to the hard work and improved performance of the management and staff of the Bank and our care to strengthen the relations and ties with our customers”.