NCB posts 2% profit growth to SAR 2.8 bln in Q1 2020

17/05/2020 Argaam Exclusive

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National Commercial Bank (NCB) reported net profit of SAR 2.8 billion for Q1 2020, a 2% year-on-year (YoY) rise, driven by a 7.2% increase in total operating income, higher net special commission income and lower Zakat and tax.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2019	Q1 2020	Change‬
Net Special Commission Income	3,754.08	4,157.22	10.7 %
Operating Income	4,950.81	5,305.26	7.2 %
Debt Provisions	(145.33)	(396.09)	(172.6 %)
Net Income	2,775.54	2,834.20	2.1 %
Average Shares	4,019.65	4,019.65	-
EPS (Riyals)	0.69	0.71	2.1 %

Item	Q4 2019	Q1 2020	Change‬
Net Special Commission Income	4,848.32	4,157.22	(14.3 %)
Operating Income	5,576.93	5,305.26	(4.9 %)
Debt Provisions	(287.23)	(396.09)	(37.9 %)
Net Income	3,389.61	2,834.20	(16.4 %)
Average Shares	4,019.65	4,019.65	-
EPS (Riyals)	0.84	0.71	(16.4 %)

When compared to Q4 2019, net profit dropped by 16.4%.

Balance Sheet (B)

Item	3m 2019	3m 2020	Change‬
Assets	464.91	534.56	15.0 %
Customer Deposits	309.68	375.05	21.1 %
Loan	267.22	304.77	14.1 %

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