Riyadh – Mubasher: National Commercial Bank (NCB) achieved an 18.84% increase in net profits during 2019, as shown by the annual financial results for last year.

Net profit amounted to SAR 11.4 billion for the 12-month period ending 31 December 2019, compared with SAR 9.59 billion for 2018, according to NCB’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The bank attributed the growth in its annual net profits to an 8.9% increase in total operating income, which was mainly driven by an increase in net special commission income, investment-related income, and lower operating expenses that went down by 4.1%.

Meanwhile, fees from banking and services and foreign exchange income decreased.

NCB noted that starting from the second quarter (Q2) of 2019, it changed its accounting policy for reporting Zakat and income taxes, in accordance with the International Financial Reporting Standards (IFRS) and other standards and pronouncements endorsed by the Saudi Organization for Certified Public Accountants (SOCPA).