#SaudiArabia's biggest bank NCB posts 23.7% rise in quarterly profit | Reuters

Saudi Arabia's biggest bank NCB posts 23.7% rise in quarterly profit | Reuters

Saudi Arabia's biggest lender National Commercial Bank 1180.SE on Tuesday posted a nearly 24% rise in third-quarter net profit, as net commission income rose and impairment charges dropped.

NCB posted a net profit of 3.16 billion riyals ($843 million) in the quarter ended September 30, up from 2.55 billion in the same period a year earlier.

CI Capital had forecast NCB would post a net profit of 2.1 billion riyals, while EFG Hermes had predicted 2.2 billion riyals.

Net impairment charges for expected credit losses were 379 million riyals for the quarter, down 43% from a year earlier.

Earlier this month NCB entered a binding merger agreement with smaller lender Samba Financial Group 1090.SE to create a combined entity with $223 billion in assets.