Saudi's NCB posts 22% jump in Q2 net profit

National Commercial Bank is expected to list its shares in one of Saudi Arabia's largest initial public offers later this year

National Commercial Bank, which later this year is expected to list its shares in one of Saudi Arabia's largest initial public offers, posted a 22 percent jump in second-quarter net profit on Sunday.

The kingdom's biggest bank by assets made SR2.425 billion ($647 million) in the three months to June 30, compared with SR1.99 billion in the corresponding period of 2013, it said in an emailed statement.

NCB said the growth was driven by an 8.3 percent year-on-year increase in net special commissions income, as well as gains of 3.9 percent and 11.2 percent in banking and foreign exchange income respectively.

Loans and advances at the end of June stood at 206 billion riyals, climbing 15.7 percent from a year earlier, while deposits gained 20 percent to SR346 billion.

NCB is majority-owned by the state's Public Investment Fund, which plans to sell a 15 percent stake to the public by the end of the year in an IPO expected to be worth between SR15-20 billion.

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