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The National Commercial Bank announces its Annual financial results for the period ending on 2018-12-31

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Element List Current Year Previous Year %Change
Total Revenue for Special Commissions/Investments 18,306 16,981 7.802
Net Income for Special Commissions/Investments 14,370 13,661 5.189
Total operation Profit (Loss) 18,927 18,345 3.172
Net Profit (Loss) 10,667 9,802 8.824
Total Comprehensive Income 8,617 9,002 -4.276
Total Share Holders Equity (after deducting minority equity) 64,737 63,041 2.69
Assets 453,390 444,792 1.933
Investments 118,090 114,578 3.065
Loans and advances portfolio 265,317 249,234 6.452
Customer deposits 318,699 308,942 3.158
Profit (Loss) per Share 3.44 3.16
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
Reason for increase (decrease) in net profit for current year compared to last year Higher net income derived from higher total operating income and lower total operating expenses which partially offset by higher other non-operating expenses.

Total operating income increased by 3.2% mainly due to the increase in net special commission income, fees from banking services, foreign exchange income and lower other operating (expense), partially offset by a decrease in investment related income.

Total operating expenses were lower by 3.7% mainly due to the decrease in net impairment charges for financing and advances, depreciation/amortisation of property, equipment and software and rent and premises-related expenses, while other general and other administration expenses, salaries and employee-related expenses as well as net impairment charges on investments increased.

Type of the external auditor's opinion Unmodified opinion
Reclassifications in annual financial results Some numbers have been re-classified for comparative reasons.
Additional Information Net impairment charge for financing and advances reached to SAR 404Mn for the current quarter against SAR 286Mn in the similar quarter of the previous year with an increase of 41.2%.

Net impairment charge for financing and advances reached to SAR 1,347Mn for the current period against SAR 1,893Mn in the similar period of the previous year with a decrease of 28.8%.

EPS for the current and the previous years are calculated by dividing the net income attributable to common equity holders of the bank (adjusted for Tier 1 Sukuk costs) for the periods by the weighted average number of shares outstanding during the period.

*Investment related income includes Income from FVIS instruments, Dividend Income and Gains on non-FVIS financial instruments.

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