National Commercial Bank (NCB) reported a net profit of SAR 4.922 billion in the first half of 2020, a drop of 10% from SAR 5.461 billion a year earlier, on higher total expenses, net impairment charges for expected credit losses and Depreciation/amortization of property, equipment, software and right-of-use (ROU) assets.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 7,661.51 | 8,114.75 | 5.9 % |
| Operating Income | 10,001.22 | 10,071.00 | 0.7 % |
| Total Provisions | (470.07) | (1224.04) | (160.4 %) |
| Net Income | 5,461.13 | 4,921.93 | (9.9 %) |
| Average Shares | 4,019.65 | 4,019.65 | - |
| EPS (Riyals) | 1.36 | 1.22 | (9.9 %) |
In Q2 2020, NCB’s net profit fell by 22% year-on-year (YoY) to SAR 2.088 billion, due to lower operating income, a decline in net special commission income, and investment related income, as well as higher operating expenses.
When compared to Q1 2020, net profit slid 26.3% on lower operating income and higher total operating expenses.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 3,907.43 | 3,957.52 | 1.3 % |
| Operating Income | 5,050.41 | 4,765.75 | (5.6 %) |
| Debt Provisions | (324.74) | (827.95) | (155.0 %) |
| Net Income | 2,685.59 | 2,087.73 | (22.3 %) |
| Average Shares | 4,019.65 | 4,019.65 | - |
| EPS (Riyals) | 0.67 | 0.52 | (22.3 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 4,157.22 | 3,957.52 | (4.8 %) |
| Operating Income | 5,305.26 | 4,765.75 | (10.2 %) |
| Debt Provisions | (396.09) | (827.95) | (109.0 %) |
| Net Income | 2,834.20 | 2,087.73 | (26.3 %) |
| Average Shares | 4,019.65 | 4,019.65 | - |
| EPS (Riyals) | 0.71 | 0.52 | (26.3 %) |
| EPS Diluted (Riyal) | 0.73 | 0.76 | 3.7 % |
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Assets | 476.59 | 556.86 | 16.8 % |
| Customer Deposits | 327.44 | 380.40 | 16.2 % |
| Loan | 274.83 | 315.84 | 14.9 % |
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