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Saudi bank NCB Q3 net profit slips 1.6 pct on provisioning
October 16, 2016 / 5:41 AM / a year ago

Saudi bank NCB Q3 net profit slips 1.6 pct on provisioning

DUBAI, Oct 16 (Reuters) - Saudi Arabia’s National Commercial Bank (NCB) reported a 1.6 percent fall in third-quarter net profit on Sunday, missing analysts’ forecasts, as the kingdom’s largest listed lender was forced to set aside more cash for bad loans.

The bank made a net profit of 1.96 billion riyals ($523 million) in the three months to Sept. 30, down from 1.99 billion riyals in the same period of 2015, it said in a bourse statement.

Three analysts had forecast on average NCB would make a quarterly profit of 2.31 billion riyals.

The bank cited an 18.7 percent jump in total operating expenses, caused by higher impairments on financings and investments. (Reporting by David French; Editing by Andrew Torchia)

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