The bank’s net earnings reached an impressive 15.64 billion riyals (approximately $4.16 billion), up from 15.05 billion riyals ($4.01 billion) in the same period last year.
In a statement released on the Saudi Stock Exchange, the bank credited its profit growth to a 4.2% increase in total operating income, alongside an 18% drop in other net non-operating expenses. The total operating income climbed to 27.05 billion riyals ($7.2 billion), fueled by a 3.4% rise in net special commission income, a notable 12.2% increase in net banking fees income, and a substantial 14.2% growth in total investment income.
Additionally, the bank’s total assets expanded by 8.4% during the nine-month period, largely driven by an 8.9% growth in the financing portfolio. The individual financing sector also saw a 6.1% increase, significantly bolstered by a 9.4% surge in real estate financing.
In a strong third quarter, the bank’s net profit soared 7.1% year-on-year to reach 5.37 billion riyals ($1.43 billion), showcasing the positive impact of increased total operating income on its financial performance.
National Commercial Bank of Saudi Arabia, the institution’s official name, is recognized as a financial powerhouse, ranking second on Forbes’ list of “The 30 Largest Banks in the Middle East by Market Value for 2024” and among “The 100 Most Powerful Public Companies in the Middle East for 2024.” Established in 1953 and merging with Samba Financial Group in April 2021, the bank operates 470 branches across Saudi Arabia, alongside 19 retail service centers and 96 Quick Pay centers. Its international presence includes four branches in Bahrain, the UAE, Qatar, and Singapore, with the Saudi Public Investment Fund holding a 37.2% stake in the bank.
