Saudi’s National Commercial Bank Q2 net profit rises 3.2 pct

REUTERS

Saudi Arabia’s National Commercial Bank (NCB), the kingdom’s listed largest lender, reported a 3.2 percent rise in second-quarter net profit on Sunday, at the low end of analysts’ forecasts. The bank made a net profit of 2.44 billion riyals ($665 million) in the three months to June 30, up from 2.36 billion riyals in the same period of 2015, it said in a bourse statement. Four analysts had
forecast on average that NCB would make a quarterly profit of 2.54 billion
riyals. Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.