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Investment gains drive National Commercial Bank Q4'16 profit increase

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Investment gains drive National Commercial Bank Q4'16 profit increase

Saudi Arabia-based National Commercial Bank on Jan. 18 reported fourth-quarter 2016 net profit of 2.29 billion Saudi Arabian riyals, up from 2.13 billion riyals in the year-ago period.

Total operating income rose to 4.60 billion riyals from 4.44 billion riyals in the same period a year ago, driven by factors including higher net special commission income and gains on non-trading investments.

The bank's full-year 2016 net profit amounted to 9.32 billion riyals, up from 9.09 billion riyals in 2015. EPS rose to 4.66 riyals, compared to 4.54 riyals a year earlier.

As of Jan. 18, US$1 was equivalent to 3.75 Saudi Arabian Arabian riyals.