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Saudi Arabia's NCB posts 20.3% YOY rise in Q3 profit

Saudi Arabia-based lender National Commercial Bank's third-quarter net profit rose on a yearly basis to 2.55 billion riyals from 2.12 billion riyals a year earlier.

The bank's total comprehensive income stood at 2.96 billion riyals in the quarter, compared to 1.30 billion riyals a year earlier. Net income from special commissions, financing and investments amounted to 3.68 billion riyals in the quarter, compared to 3.64 billion riyals a year earlier, while total revenue from special commissions, financing and investments rose on a yearly basis to 4.93 billion riyals from 4.70 billion riyals.

NCB, which is among the largest banks in Saudi Arabia, attributed the 5.9% rise in its total operating income to an increase in net special commission income, investment-related income and lower other operating expenses, which partially offset a fall in fee income from banking services and exchange income.

For the nine-month period to September-end, the lender reported a net profit of 8.01 billion riyals, up from 6.89 billion riyals in the same period in 2018. Total revenue from special commissions, financing and investments stood at 14.58 billion riyals in the period, up from 13.37 billion riyals a year earlier, while net income from special commissions, financing and investments rose on a yearly basis to 10.91 billion riyals from 10.63 billion riyals.

Profit per share for the period amounted to 2.58 riyals, up from 2.21 riyals a year earlier.

As of Oct. 23, US$1 was equivalent to 3.75 Saudi Arabian riyals.