The National Commercial Bank (NCB) made SAR1.87 billion ($498.4 million) net earnings in the three months until September 30, up from SAR1.73 billion in the same period last year. Saudi Arabia’s largest lender by assets is currently undertaking the largest ever IPO in the GCC.
The NCB posted a 7.8% increase in the third-quarter net income, it said in a statement on Wednesday.
The bank began a two-week subscription period on Sunday for its SAR 22.5 billion ($6 billion) share sale.
The NCB also said it would convert into a fully-fledged Islamic bank in around five years, after coming under pressure from sharia scholars in Saudi Arabia .
The NCB posted a 7.8% increase in the third-quarter net income, it said in a statement on Wednesday.
The bank began a two-week subscription period on Sunday for its SAR 22.5 billion ($6 billion) share sale.
The NCB also said it would convert into a fully-fledged Islamic bank in around five years, after coming under pressure from sharia scholars in Saudi Arabia .
Source:
Mubasher
