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Saudi Lender NCB Posts 22% Q2 Net Profit Jump

Saudi Lender NCB Posts 22% Q2 Net Profit Jump

NCB said the growth was driven by an 8.3 per cent year-on-year increase in net special commissions income.

National Commercial Bank, which later this year is expected to list its shares in one of Saudi Arabia’s largest initial public offers, posted a 22 per cent jump in second-quarter net profit on Sunday.

The Kingdom’s biggest bank by assets made SAR2.425 billion ($647 million) in the three months to June 30, compared with SAR1.99 billion in the corresponding period of 2013, it said in an emailed statement.

NCB said the growth was driven by an 8.3 per cent year-on-year increase in net special commissions income, as well as gains of 3.9 per cent and 11.2 per cent in banking and foreign exchange income respectively.

Loans and advances at the end of June stood at SAR206 billion, climbing 15.7 per cent from a year earlier, while deposits gained 20 per cent to SAR346 billion.

NCB is majority-owned by the state’s Public Investment Fund, which plans to sell a 15 per cent stake to the public by the end of the year in an IPO expected to be worth between SAR15 billion and SAR20 billion.

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