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Top Saudi Bank NCB Boosts Q1 Net Profit by 35 Pct - ASHARQ AL-AWSAT English Archive
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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.

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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