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NCB profits grow 24% in Q3

NCB profits grow 24% in Q3
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Riyadh – Mubasher: The National Commercial Bank’s (NCB) third-quarter net earnings amounted to SAR 3.2 billion, up by 23.8% when compared to SAR 2.6 billion in the year-ago quarter.

The growing net income was boosted by higher total operating income by 12.8% and lower total operating expenses including impairments by 9.8%, according to a bourse statement on Tuesday. 

This was, however, partially offset by higher other non-operating expenses.  

Revenues were down by 6.5% yearly in the July-September period to reach SAR 4.8 billion.

During the period from January to September, the profits inched up by 0.8% on an annual basis to SAR 8.080 billion.