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National Commercial Bank posts YOY rise in Q1 profit

NationalCommercial Bank on April 12 said first-quarter net profit ticked upslightly year over year on the back of rises in net special commission incomeand income from banking services and foreign exchange.

First-quarter profit totaled 2.63 billion Saudi riyals,compared to 2.61 billion riyals in the same quarter in 2015. EPSrose to 1.32 riyals from 1.31 riyals.

Total operating income rose 5.53% to 4.69 billion riyals, asnet profit from special commission income and investments increased to 3.34billion riyals from 3.03 billion riyals. The bank said operating expenses rose11.5%, fueled by higher other general and administrative expenses andimpairment charges on loans.

As of April 11, US$1was equivalent to 3.75 Saudi riyals.