The National Commercial Bank (NCB) announced that net income for the nine months of 2011 reached SR4,473 million compared to SR3,468 million for the same period of the previous year, an increase of 29 percent and SR1,546 million for the third quarter of 2011 compared to SR828 million for same quarter of previous year, an increase of 86.6 percent. NCB Chairman Abdullah Bahamdan said the bank's strategy to diversify its sources of revenue has contributed to an increase in fee income from banking services by 5.2 percent. Net special commission income increased by 4.1 percent compared to the same period of the previous year. Bahamdan added that the bank's total assets grew significantly to reach SR307 billion compared to SR271 billion at the end of the same period of the previous year, an increase of 13.2 percent. Total shareholders' equity reached SR34.7 billion compared to SR32.5 billion at end of the same period of the previous year, an increase of 6.6 percent. The loans and advances portfolio increased to SR130 billion compared to SR123 billion at the end of the same period of the previous year, an increase of 5.9 percent. Customer deposits grew to SR243 billion compared to SR215 billion at the end of the same period of the previous year, an increase of 13.0 percent. Bahamdan expressed his deep gratitude to the bank's clients and shareholders for their trust in the bank and the board of directors and staff for their continued support of NCB to achieve these results. NCB posted a 16 percent rise in its second-quarter net profit. It made a net profit of SR1.4 billion ($373 million) in the three months ending June, compared with SR1.2 billion in the same period a year earlier, it said in a statement. The bank attributed the rise in net profit to increased revenue from banking fees and special commissions.
