Shutterstock photoUPDATE 1-Saudi’s National Commercial Bank Q1 net profit up 2.7 pct (Adds context, detail) DUBAI, April 18 (Reuters) – Saudi Arabia’s National Commercial Bank (NCB), the kingdom’s largest lender, reported a 2.7 percent rise in first-quarter net profit on Tuesday as trading and investments income edged up, offsetting a rise in expenses.
Loans and advances at the end of March stood at 254.20 billion riyals, down 4.2 percent on a year earlier.
[nL8N1HP1OL] [nL8N1HO0A1] NCB’s net profit rose to 2.70 billion riyals ($720 million) in the three months to March 31, from 2.63 billion riyals in the same period of 2016, it said in a bourse statement.
SICO Bahrain had forecast NCB would make a quarterly profit of 2.39 billion riyals.
As it stated in
Saudi’s National Commercial Bank Q1 net profit up 2.7 pct
NCB Capital had projected a net profit of 376 million riyals, while EFG Hermes’ profit forecast for the bank was 443 million riyals.
DUBAI (Reuters) – Al Rajhi Bank , Saudi Arabia’s second-largest lender by assets, reported a 10.1 percent rise in its first-quarter net profit on Monday, beating analysts forecasts.
Smaller lender Alawwal Bank , partly owned by Royal Bank of Scotland , posted a 36.7 percent drop in quarterly profit as the lender was hit by higher impairment charge for credit losses.
Al Rajhi also benefited from a larger retail book compared to Alawwal, which is more exposed to the corporate sector where there is more pain, he said.
Al Rajhi, which had reported rising profit growth in the previous five quarters, attributed the performance in the first quarter to higher net financing and investment income even though fee income fell. NCB’s total operating income climbed by 2.9 percent during the quarter as a result of higher trading income , income from investments and gains on non-trading investment .
collected by :Victor Alphen