UPDATE 1- #Saudi lender NCB reports 18.8% rise in 2019 net profit - Reuters

UPDATE 1-Saudi lender NCB reports 18.8% rise in 2019 net profit - Reuters:

Saudi Arabia’s National Commercial Bank (NCB), saw a 13.2% rise in fourth-quarter net profit, according to Reuters calculations, helped by increased revenue from commissions and financing, and lower operating costs.

The country’ largest lender made a net profit of 3 billion riyals ($799.8 million)in the three months to Dec. 31, up from 2.65 billion riyals in the same period of 2018, Reuters calculated from financial statements in the absence of a quarterly breakdown.

NCB’s 2019 net profit was 11.4 billion riyals, up from 9.59 billion riyals in the same period a year earlier. 


The profit was above the 10.3 billion riyals average net profit forecast of analysts polled by Refintiv.