Saudi lender NCB lifted by rise in fees and investment income | Reuters:
Saudi Arabia’s National Commercial Bank(NCB), the kingdom’s largest lender, reported a 6.7 percent rise in first-quarter net profit on Tuesday on increased fees, commission and investments.
It was the fourth Saudi bank to report earnings on Tuesday, with the other two reporting higher profit and the third, Banque Saudi Fransi(BSF), the kingdom’s fifth-largest bank by assets, posting an 8.4 percent profit fall.
Despite limited credit growth, Saudi banking industry profitability is expected to edge up this year as higher public spending helps to lift interest margins.
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