The National Commercial Bank (NCB) posted SR1.4 billion net income during the first quarter of 2010 of 2010, an increase of 35.1 percent over the same period last year, the bank said in a statement on Monday. NCB Chairman Sheikh Abdullah Bahamdan said the rising profitability affirms the bank's ability to deploy effectively its funds and to expand its sources of revenue and reflects effective execution of a strategy centered on service excellence. He added that the bank also generated growth in its core activities, namely: net special commission income grew by 3.8 percent, fee income by 3.1 percent, loans and advances by 11.6 percent to reach SR113.8 billion, and customer deposits reached SR201.3 billion in the first quarter of this year. Bahamdan moreover said the bank's premium results reinforced the bank's strong balance sheet and capital as total assets grew by 5.6 percent to SR264.8 billion and shareholders' equity by 13.1 percent to SR28.8 billion at the end of first quarter 2010.
