National Commercial Bank (NCB) said on Monday that third-quarter net profit rose nearly 20 percent, driven by a more than 10 percent increase in operating revenues and a decline in operating expenses.
Saudi Arabia's largest lender by assets announced in a statement that net profit attributable to shareholders reached 6.47 billion riyals ($1.73 billion) in the quarter ending September 30.
The results exceeded analysts' expectations of SAR 5.45 billion, according to the average estimates compiled by the London Stock Exchange Group.
Saudi Arabia, the world's largest exporter of crude oil, is implementing a comprehensive transformation plan to diversify its economy and reduce its dependence on oil revenues.
The demand for credit to support the ambitious program, which includes plans to pump billions of dollars into sectors such as tourism and manufacturing, has been reflected in the balance sheets of Saudi banks, including the National Commercial Bank of Saudi Arabia.
The bank's total assets grew by 7.3 percent to SAR 1.21 trillion in the first nine months of the year compared to the same period in 2024, driven by growth in the financing and investment portfolio.
The National Commercial Bank's (NCB) loans and advances portfolio (financing and investment) rose 10.6 percent to SAR 725.1 billion by the end of September, while deposits grew 0.8 percent to SAR 639.5 billion.
