Riyadh – Mubasher: Saudi Arabia-based National Commercial Bank (NCB) on Wednesday posted a 10.51% year-on-year rise in net profits during the first quarter of 2018.
NCB generated a net profit of SAR 2.98 billion in the three-month period ended March 2018, compared to SAR 2.70 billion during Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The Saudi bank attributed the growth in its first-quarter profits to a 17% decrease in total operating expenses after a decline in impairment charges for advances and financing.
“Total comprehensive income attributable to the equity holders, reached to SAR 2,477 million for Q1-18, against SAR 2,380 million in Q1-17, with an increase of 4.1%,” the statement added.
Quarter-on-quarter, the lender's profits rose 16.86% from SAR 2.55 billion.
Meanwhile, the bank's overall operating expenses fell by 12% in Q1-18 because of a “decrease in impairment charge for financing and advances, other general and administrative expenses and rent and premises related expenses,” the statement showed.
NCB’s stock inched down 0.19% to close Wednesday at SAR 66.90.
