Saudi NCB’s net profits rise 49 percent in 1H 2002
Saudi Arabia’s National Commercial Bank (NCB) recorded a 49 percent net operating profit increase during the first half of 2002, reaching 1.4 million Saudi riyals ($374 million) compared to SR 944 million during the same period last year. Included in this figure were capital gains of SR 229 million.
As a result, the return on average assets increased from two percent during the first half of 2001 to 2.8 percent during the first half of 2002. In addition, the return on shareholders' equity reached SR 31.2 percent for the first half of this year, compared to 29.9 percent for the first half of last year.
The bank’s total assets reached SR 101.9 billion in the first six months of the year, compared to SR 96 billion during the first half of 2001, reflecting a or 6.1 percent increase. The growth in customer deposits was SR 3.4 billion or 4.5 percent, bringing customer deposits to SR 79.2 billion compared to SR 75.8 billion ($ 20.2 billion) for the comparable period in 2001.
Net loans and advances increased by 9.6 percent to SR 41.4 billion, compared to SR 37.8 billion in 2001. The Chairman indicated that the increase was due to a general expansion of the various commercial banking activities of the Bank. — (menareport.com)
© 2002 Mena Report (www.menareport.com)