July 14--JEDDAH -- The National Commercial Bank (NCB) announced that net income attributable to equity holders of the bank for the first half of 2014 reached SR4.96 billion compared to SR4.32 billion for the same period of the previous year, an increase of 14.7 percent. Net income for the second quarter amounted to SR2.43 billion, which compares to SR1.99 billion for the same quarter of the previous year, an increase of 21.7 percent.
Mansour Al-Maiman, NCB's chairman, remarked that the bank's growth and diversity of its financing and investment products has contributed to an increase in net special commission income by 8.3 percent, an increase of 3.9 percent in fee income from banking services, and an increase of 11.2 percent in foreign exchange income compared to the same period of the previous year.
The loans and advances portfolio grew to SR206 billion compared to SR178 billion at the end of the same period last year, an increase of 15.7 percent; customer deposits grew to SR346 billion compared to SR288 billion at the end of the same period of the previous year, an increase of 20 percent.
Al-Maiman concluded by expressing his deep gratitude to the bank's clients and shareholders for their trust in the bank and to the board of directors and staff for their contribution and support to help it achieve these results.
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