NCB chairman says account settlements weigh on Q4 profits

Profits of Saudi Arabia’s National Commercial Bank (NCB) in the fourth quarter of 2014 were hammered by the settlement of most accounts, of which parts were allocated for general provisions, said chairman Mansoor Al Maiman.

All sectors saw credit growth, and 40 percent of NCB loans were granted to small and medium-sized enterprises (SMEs) in the kingdom, Al Maiman told Al Arabiya TV.

According to data available on Argaam, NCB’s net profit rose 2 percent year-on-year to SAR 1.825 billion in the three months to Dec. 31.