JEDDAH – The National Commercial Bank posted a net income of SR3.56 billion in the first half of 2012 compared to SR2.93 billion for the same period of the previous year or an increase of 21.7 percent, the bank said in a statement Wednesday. Net income for the second quarter amounted to SR1.60 billion compared to SR1.42 billion for the same quarter of the previous year, or an increase of 12.9 percent, and to SR1.95 billion for the first quarter of 2012, a decrease of 17.7 percent. NCB Chairman Mansour Al-Maiman, said the bank's total assets grew increased 2.1 percent to reach SR320 billion compared to SR314 billion at the end of the same period of the previous year. Total shareholders' equity reached SR36.8 billion compared to SR33.3 billion at end of the same period of the previous year, an increase of 10.4 percent. The loans and advances portfolio grew to SR150 billion compared to SR130 billion at the end of the same period last year, an increase of 15.4 percent. Customer deposits grew to SR250 billion. Al-Maiman expressed deep gratitude to the bank's clients and shareholders for their trust in the bank and to the Board of Directors and staff for their contribution and support to help it achieve these results. Saudi banks are benefiting from the government's expansionary fiscal policy, ample liquidity and improving corporate loan demand, according to a July 2 report from Deutsche Bank, which predicted second-quarter net profits across the sector would increase 6 percent year-on-year. Last month, NCB Capital said profit growth for Saudi banks this year would be driven by strong growth in loan volumes, particularly in the retail segment. – SG
