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Saudi Arabia's National Commercial reports $621m in Q1 profit
- Saudi Arabia: Monday, April 15 - 2013 at 04:54
Saudi Arabia's largest lender by assets, National Commercial Bank (NCB), has said its first-quarter net profit jumped 19.4% on the back of higher special commission and fee income, Reuters has reported. The majority state-owned bank reported a net profit of SR2.33bn ($621.3m) for the first three months of 2013, compared with SR1.95bn in the corresponding period of last year, NCB said. The increase was driven by a 10.4% increase in special commission income and a 7.2% hike in fee income from banking services, said the chairman of NCB, Mansour al-Maiman.
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