NCB’s net profit edges up to SAR 8.08 bln in 9M 2020

27/10/2020 Argaam Exclusive

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National Commercial Bank (NCB) reported a net profit of SAR 8.08 billion for the first nine months of 2020, a slight increase from a profit of SAR 8.01 billion in the same period the previous year.

The uptick was attributed to higher total operating income, which was partially offset by higher total operating expenses, including impairments.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Net Special Commission Income	11,534.13	12,312.50	6.7 %
Operating Income	14,997.75	15,708.61	4.7 %
Total Provisions	(1132.70)	(1602.88)	(41.5 %)
Net Income	8,011.83	8,080.33	0.9 %
Average Shares	4,019.65	4,019.65	-
EPS (Riyals)	1.99	2.01	0.9 %

The net profit of Q3 2020 stood at SAR 3.15 billion, up 23.8% year-on-year (YoY), due to higher total operating income and lower total operating expense, including impairments. This was partially offset by higher other non-operating expense.

On a sequential basis, Q3 net profit rose 51.25%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Net Special Commission Income	3,872.62	4,197.76	8.4 %
Operating Income	4,996.53	5,637.61	12.8 %
Debt Provisions	(662.64)	(378.85)	42.8 %
Net Income	2,550.70	3,158.40	23.8 %
Average Shares	4,019.65	4,019.65	-
EPS (Riyals)	0.63	0.79	23.8 %

Item	Q2 2020	Q3 2020	Change‬
Net Special Commission Income	3,957.52	4,197.76	6.1 %
Operating Income	4,765.75	5,637.61	18.3 %
Debt Provisions	(827.95)	(378.85)	54.2 %
Net Income	2,087.73	3,158.40	51.3 %
Average Shares	4,019.65	4,019.65	-
EPS (Riyals)	0.52	0.79	51.3 %
EPS Diluted (Riyal)	0.76	0.76	0.4 %

Balance Sheet (B)

Item	9m 2019	9m 2020	Change‬
Assets	496.59	576.63	16.1 %
Customer Deposits	340.38	408.47	20.0 %
Loan	279.07	336.41	20.5 %

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