October 24, 2019 / 12:14 PM / 25 days ago

UPDATE 1-Saudi lender NCB posts 20% profit jump

(Adds detail, context)

DUBAI, Oct 24 (Reuters) - Saudi Arabia’s National Commercial Bank(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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below