The Bank achieved net income for the first half of 2009 amounted to SAR2,237m, 39% below the same period of last year.
The decline is mainly attributed to the Bank's conservative approach to safeguard the strength of its financial position.
The Bank's core activities continue to grow with net special commission income rising by 5.3% and fees from banking services by 1.6%.
Customer deposits recorded robust growth with an income of 33% reaching SAR206,862m by the end of June 30, 2009. Moreover, the loans and advances reached SAR105,812m, total assets amounted to SAR256,905m and total shareholders' equity amounted to SAR26,948m at the end of the second quarter of 2009.
The Chairman of NCB's Board of Director, Sh. Abdullah Bahamdan, commented on the Bank's results by expressing his deep gratitude to the Bank's clients, shareholders, Board of Directors and staff for their continued support of NCB to achieve these results.
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NCB net income reached SAR1,192m for the second quarter of 2009
- Saudi Arabia: Sunday, July 19 - 2009 at 14:28
- PRESS RELEASE
The National Commercial Bank announced that the Bank achieved net income of SAR1,192m for the second quarter of 2009, 14% above the results of first quarter of 2009.
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Posted by Nadeen El AjouSunday, July 19 - 2009 at 14:28 UAE local time (GMT+4)
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