RIYADH, (Reuters) – National Commercial Bank (NCB), Saudi Arabia’s biggest bank by assets, boosted first-quarter net profit by 35.1 percent, becoming the latest lender in the kingdom to post a big gain in profits.
State-owned NCB, which is slated for privatisation, made a net profit of 1.41 billion riyals ($377 million) in the quarter after 1.06 billion in the same period a year ago, it said in a statement on Monday.
Net lending income rose 3.8 percent, while banking fees ganied 3.1 percent, the bank said, without giving comparison figures. The loan book grew by 11.6 percent to 113.8 million riyals.
On Sunday, Riyad Bank posted a lower-than-expected 55 percent rise in quarterly net profit, after a drop in lending income offset a near 23 percent fall in operating costs.