NCB profit up 16% in second quarter.
DUBAI - National Commercial Bank (NCB), Saudi Arabia's biggest bank by assets, posted a 16 per cent rise in its second-quarter net profit, the lender said on Tuesday.
State-owned NCB made a net profit of SR1.4 billion ($373 million) in the three months ending June, compared with SR1.2 billion in the same period a year earlier, it said in a statement.
The bank attributed the rise in net profit to increased revenue from banking fees and special commissions. NCB said its loans portfolio increased by 11.3 per cent to SR140 billion.
The bank's chief executive Abdul-Kareem Abu Al Nasr said in March he expects to see higher profits in Saudi banks this year as lending picks up after the government announced handouts of more than $100 billion. -- Reuters
The spending plan, which includes building 500,000 new homes, has helped lift the sentiment in the kingdom's banks and boost lending.
Four other Saudi banks announced quarterly profits that either met or beat analysts estimates on Monday, in a sign that the kingdom's lenders have begun to rebound from bad loan provisioning which ate into their profits in 2009 and 2010.
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|Publication:||Khaleej Times (Dubai, United Arab Emirates)|
|Article Type:||Financial report|
|Date:||Jul 12, 2011|
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