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The unaudited financial statements of the National Bank of Commerce (NCB), published on Wednesday, show a 24% increase in profits for the second quarter ended June 30, 2019.
In a statement posted on the website of the market, the bank announced a net profit of 2.7 billion rials, against a net profit of 2.2 billion riyals in the same quarter in 2018.
The bank attributed the increase in profits in the second quarter of this year due to the increase in gross operating income and the decrease in total operating expenses.
The bank realized a net commission income of SAR 3.7 billion, compared to a commission of SAR 3.6 billion in the corresponding quarter.
The increase in operating revenue is due to higher net fee income from special commissions, bank charges, foreign exchange and investment income, and other operating expenses.
On the other hand, total operating expenses decreased by 1.9% due to lower provisions for financing losses and impairment losses on investments, rents and charges. buildings, salaries and personnel costs, as well as amortization of other property, plant and equipment, programs and expenses.
Similarly, the bank reported net income of $ 5.5 billion for the first half of 2019, compared with a net profit of $ 4.8 billion for the same period in 2018.
The bank reported a net profit of 3.2 billion riyals in the first quarter of 2018, compared to 3 billion riyals in the corresponding quarter of 2018. In its statements announced today, the bank has revised its first-quarter profit. to 2.77 billion riyals.
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