The National Commercial Bank (NCB) achieved net income of SR1,046 million for the first quarter 2009, 41.2 percent below the results of the first quarter of 2008, the bank said on Monday. In line with NCB's conservative approach, the bank continued to build provisions for investments and loans and advances as a prudent measure to safeguard the strength of the bank's assets. The bank's core activities recorded robust growth, with net special commission income rising by 16.7 percent and fees from banking services by 8.2 percent. Compared with the first quarter of 2008, loans and advances increased by 14.6 percent to SR101,925 million, customer deposits by 41.8 percent to SR204,042 million and total assets by 16.2 percent to SR250,686 million. Total shareholders' equity amounted to SR26,754 million at the end of the first quarter of 2009. Chairman of NCB's Board of Director Sheikh Abdullah Bahamdan expressed his optimism about economic conditions in Saudi Arabia and the bank's strategy to expand its core banking activities. Meanwhile, the Chairman of board of NCB Abdullah Bahamdan has recently received the “Investment Pioneer” award of President Rafik Al-Hariri awards by Al Iktissad Wal Aamaal Group, in recognition of the success he had achieved in his field. Since 2000, Al Iktissad Wal Aamaal Group has adopted a tradition to honor a number of economic leaders from the public and private sectors who have made achievements in their areas, whether in their own countries, industries or companies. The aim of the award is to highlight the success stories and experiences of these leaders and thus set models to motivate professionals in the various economic sectors. Commenting on the award, Bahamdan said it reflects the leading role of the bank in the financial services industry in the region and its distinction in innovating products and services. “It is a great honor for me to win this title. It reflects the pioneering role of Al Iktissad Wal Aamaal Group and their professional endeavor to evaluate economic leaders who achieved outstanding results.”
