Saudi lender NCB posts 20% profit jump

Saudi Arabia's National Commercial Bank(NCB), the kingdom's largest lender, reported a 20% rise in third-quarter net profit on Thursday.

Adds detail, context

DUBAI, Oct 24 (Reuters) - Saudi Arabia's National Commercial Bank 1180.SE(NCB), the kingdom's largest lender, reported a 20% rise in third-quarter net profit on Thursday.

The bank made a net profit of 2.55 billion riyals ($680 million) in the three months to Sept. 30, up from 2.12 billion riyals in the same period of 2018, it said in a bourse statement.

Revenue from special income, an Islamic equivalent to net interest income, rose 4.9% to 4.93 billion riyals while fee income from banking and exchange services declined.

NCB was hired by state oil giant Saudi Aramco as a joint global coordinator for its planned initial public offering (IPO), sources told Reuters in September.

($1 = 3.7504 riyals)

(Reporting by Hadeel Al Sayegh Editing by David Goodman)

((Hadeel.alsayegh@thomsonreuters.com, +971566883310))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More