Abdullah Bahamdan, Chairman, National Commercial Bank JEDDAH – Three more Saudi banks recorded sound financial health Tuesday. National Commercial Bank (NCB), Saudi Arabia's biggest bank by assets, posted 10.9 percent increase in net income for the first half of 2011 at SR2,927 million compared to SR2,640 million for the same period of the previous year. It registered SR1,424 million for the second quarter of 2011 compared to SR1,227 million for same quarter of previous year, an increase of 16.1 percent. NCB Chairman Abdullah Bahamdan added that the bank's total assets grew significantly to reach SR314 billion compared to SR263 billion at the end of the same period of the previous year, an increase of 19.2 percent. Total shareholders' equity reached SR33.3 billion compared to SR30.7 billion of the same period last year, an increase of 8.5 percent. The loans and advances portfolio rose to SR130 billion compared to SR117 billion with a increase 11.3 percent. Customer deposits grew to SR251 billion compared to SR205 billion at the end of the same period of the previous year, an increase of 22.4 percent. SABB Bank posted a 90.6 percent rise in its second quarter net profit, the bank said in a bourse statement. The firm made a net profit of SR852 million Saudi ($227 million) in the three months to end June, against SR447 million a year earlier. SABB's loans portfolio rose by 6.7 percent to SR79.8 billion. Banque Saudi Fransi posted a 2.1 percent rise in its second quarter net profit, the bank said in a bourse statement Tuesday. The firm made a net profit of SR773 million Saudi ($206 million) in the three months to end June, against SR757 million in the same period a year earlier. It said last month it plans to issue SR0.7 per share in dividends for the first half of 2011.
