The National Commercial Bank (NCB) has made a profit of SR 6.012 million in 2011 registering a 27.3 percent increase over 2010, a press statement of the bank said here Saturday.
“Despite the prevailing low rates, the banks net special commission income during the year increased by 5.3 percent to SAR 8,581 million,” Sheikh Abdullah Bahamdan chairman of the bank said. “The increase in shareholders equity and customer deposits enabled the bank to increase its assets.”
Shareholders equity increased by SR 2.7 billion, or 8.3percent, to SAR 35.6 billion, while customer deposits increased by SR 10.3 billion, or 4.5 percent, to reach SAR 239.5 billion. Total assets increased by 6.7 percent to reach SR 301.2 billion. This increase was reflected in expanded lending activities, with the loan portfolio increasing by 7.7 percent to reach SR 135.3 billion.
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