Drop in expenses and lower impairment charges help boost National Commercial Bank's profit
Saudi Arabia's National Commercial Bank (NCB), the kingdom's largest lender, reported an 11.8 percent rise in fourth-quarter net profit on Tuesday, helped by a drop in expenses and lower impairment charges.
The bank made a net profit of 2.56 billion riyals ($683 million) in the three months to Dec. 31, up from 2.29 billion riyals in the same period of 2016, it said in a bourse statement.
SICO Bahrain had forecast NCB would report a profit of 2.16 billion riyals.
Moody's Investors Service said this month that it expected a pick-up in lending in Saudi Arabia, fuelled by higher government spending and a private-sector stimulus package that would boost economic activity.
Loan growth for the banking sector contracted by 1 percent while deposits rose 0.1 percent in 2017, following an outflow of deposits in 2016 as falling oil prices strained public finances.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.