Riyadh – Mubasher: The interim financial results of National Commercial Bank (NCB) showed an increase in net profit during the first quarter (Q1) of the year by 0.6% to SAR 2.83 billion, compared with SAR 2.78 billion in Q1-19.

The bank attributed the rise in profit to a 2.1% increase in net income derived from higher total operating income and lower zakat and tax.

In addition, total operating income increased by 7.2%, as the bank achieved higher net special commission income, investment-related income, fees from banking and services and foreign exchange income, according to a statement to the Saudi Stock Exchange (Tadawul).

The increase in operating income was partially offset by higher other operating expense, while total operating expenses were up by 18.5% mainly due to higher net impairment charge for expected credit losses.