NCB net profit rises 0.3% to SAR 11.4 bln for 2020

09/02/2021 Argaam Exclusive

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National Commercial Bank (NCB) reported net profit of SAR 11.4 billion for 2020, up 0.3% year-on-year (YoY), due to a 4.3% rise in gross operating income, partially offset by increased operating expenses including impairments.

The bank also cited higher net special commission income, and increased investment-related income.

Financials (M)

Item	2019	2020	Change‬
Net Special Commission Income	16,382.45	16,684.66	1.8 %
Operating Income	20,574.68	21,457.93	4.3 %
Total Provisions	(1447.16)	(1949.69)	(34.7 %)
Net Income	11,401.44	11,440.10	0.3 %
Average Shares	4,019.65	4,019.65	-
EPS (Riyals)	2.84	2.85	0.3 %

Q4 2020 net earnings stood at SAR 3.36 billion, down 0.9% YoY.

Total shareholders’ equity, excluding minority interest, rose by 16% YoY to SAR 79.41 billion in 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Net Special Commission Income	4,848.32	4,372.15	(9.8 %)
Operating Income	5,576.93	5,749.32	3.1 %
Debt Provisions	(287.23)	(348.00)	(21.2 %)
Net Income	3,389.61	3,359.77	(0.9 %)
Average Shares	4,019.65	4,019.65	-
EPS (Riyals)	0.84	0.84	(0.9 %)

Item	Q3 2020	Q4 2020	Change‬
Net Special Commission Income	4,197.76	4,372.15	4.2 %
Operating Income	5,637.61	5,749.32	2.0 %
Debt Provisions	(378.85)	(348.00)	8.1 %
Net Income	3,158.40	3,359.77	6.4 %
Average Shares	4,019.65	4,019.65	-
EPS (Riyals)	0.79	0.84	6.4 %
EPS Diluted (Riyal)	0.76	0.78	2.0 %

Balance Sheet (B)

Item	2019	2020	Change‬
Assets	506.82	599.44	18.3 %
Customer Deposits	353.39	416.42	17.8 %
Loan	281.84	346.71	23.0 %

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