Riyadh – Mubasher: The National Commercial Bank (NCB) on Tuesday reported robust results for the third quarter and nine-month periods of 2018.

The Saudi bank achieved SAR 2.45 billion ($650 million) in net profit in Q3-18, up 15.43% from SAR 2.126 billion ($570 million) in the same period of 2017.

Quarter-on-quarter, NCB’s net profits fell 4.85% from SAR 2.579 billion.

Total revenues for special commissions and investments grew 10.23% year-on-year to SAR 4.7 billion from SAR 4.264 billion in Q3-17, NCB said in a filing to the Saudi Stock Exchange (Tadawul).

Net income for special commissions and investments increased 5.4% to SAR 3.637 billion versus SAR 3.453 billion in Q3-17, while total operating profit was SAR 4.732 billion in Q3-18, up 5.34% from SAR 4.492 billion in the year-ago period.

NCB attributed the higher net income to a rise in total operating income and lower total operating expenses.

The rise in total operating income came on the back of higher “net special commission income, fees from banking services, foreign exchange income, as well as lower other operating (expenses), which was offset by a decrease in investments related income,” NCB revealed.

Meanwhile, total operating expenses fell 3.3% on lower net impairment charges for financing, advances, and rent and premises related expenses. The latter were offset by higher other general and administrative expenses, salaries, and employee-related expenses, the statement explained.

As for the nine-month period ended 30 September 2018, NCB achieved SAR 8.02 billion ($2.14 billion) in net profit, up 10.68% from SAR 7.246 billion ($1.93 billion) in the corresponding period of 2017.

Earnings per share (EPS) amounted to SAR 2.59 between January and September 2018 against SAR 2.34 in the same period of 2017.

The bank achieved a 5.36% year-on-year rise in total revenue to SAR 13.370 billion versus SAR 12.690 billion, while net income for special commissions and investments increased 3.3% to SAR 10.629 billion from SAR 10.286 billion between January and September 2017.

Total operating profit amounted to SAR 14.17 billion, up 2.47% year-on-year from SAR 13.83 billion in the nine-month period ended 30 September 2017, the statement showed.

NCB’s assets grew 2.89% year-on-year to SAR 459.08 billion in the nine months to September, while customer deposits increased 7.56% to SAR 325.461 billion.