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Lower impairments boost National Commercial Bank's Q4'17 profit

National Commercial Bank's fourth-quarter 2017 net profit rose to 2.56 billion Saudi Arabian riyals from 2.29 billion riyals in the same period in 2016, driven by an improvement in operating expenses and higher other nonoperating income.

The bank said its total operating expenses declined 11.8% over the period. Operating expenses, excluding impairment charges for financing and investments, decreased due to lower other general and administration expenses and salaries and employee-related expenses, according to the lender. The impairment charge for financing decreased to 276 million riyals in the fourth quarter of 2017 from 364 million riyals a year ago.

For full year 2017, the bank reported net profit of 9.80 billion riyals, up from 9.32 billion riyals in 2016. EPS for the year was 4.74 riyals, compared to the year-ago 4.51 riyals.

National Commercial Bank's loans and advances portfolio totaled 249.23 billion riyals as of the end of 2017, compared to 253.59 billion riyals a year ago. Customer deposits fell on a yearly basis to 308.94 billion riyals from 315.62 billion riyals.

As of Feb. 5, US$1 was equivalent to 3.75 Saudi Arabian riyals.