NCB profits up 7% for first six months of 2003

National Commercial Bank (NCB), the largest bank in Saudi Arabia, posted a 7.1% increase in profits for the first half of 2003 over the same period last year.

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By  Massoud Derhally Published  July 16, 2003

National Commercial Bank (NCB), the largest bank in Saudi Arabia, posted a 7.1% increase in profits for the first half of 2003 over the same period last year.

The bank which is not listed on the Saudi stock exchange, reported profits of SR 1.5 billion ($400 million) compared to 1.4 billion riyals ($373.3 million) in the first half of 2002.

The chairman of NCB, Abdullah Bahamdan said in a statement, total assets grew by 8.8% to $29.6 billion on June 30 this year from $27.2 billion in the corresponding period last year.

The bank also reported an increase in deposits for the first six months by 10.9% to $23.4 billion from $21.1 billion.

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