(MENAFN- Gulf Times) Saudi Arabia's National Commercial Bank (NCB), the kingdom's largest bank, posted a 1.7% rise in fourth-quarter net profit, it
said yesterday, but missed analysts' forecasts.
The lender made a net profit of 1.83bn riyals ($487.6mn) in the three months to December 31, compared to 1.79bn riyals in the
same period of 2013, it said in a bourse statement.
This was below the average forecast of three analysts polled by Reuters, who had predicted a quarterly profit of 1.94bn riyals.
It attributed the rise in quarterly profit to increase in operating income, which gained 10% to 4.03bn riyals, without
elaborating.
It is the first time the lender has posted earnings since it completed the largest-ever initial public offer of shares in the
Arab world in November, raising 22.5bn riyals.
Its net profit for 2014 was 8.66bn riyals, a 10.2% increase on the previous year.
Saudi British Bank
Saudi British Bank (SABB), the kingdom's sixth-largest bank by assets, posted a 0.6% drop in fourth-quarter net profit yesterday,
missing analyst forecasts as operating expenses rose.
The bank, an affiliate of HSBC Holdings, made a profit of 969.4mn riyals ($258.3mn) in the three months to December 31, according
to a bourse statement. This compares with a profit of 975.5mn riyals in the same period a year earlier.
SABB's net profit for 2014 was 4.27bn riyals, up 13% on 2013, which it attributed to higher operating income.
The bank in December recommended a cash dividend of 1.05 riyals per share for 2014, slightly higher than the 1 riyals per share
it paid for 2013.
Loans and advances at the end of December stood at 115.22bn riyals, gaining 8.6% from a year earlier, while deposits rose 5% to
145.87bn riyals over the same period.
National Bank of Oman
National Bank of Oman (NBO), the sultanate's second-largest lender by assets, reported a 29% rise in fourth-quarter net profit
yesterday, beating analyst forecasts.
The lender made a net profit of 13.2mn rials ($34.3mn) in the three months to December 31, according to Reuters calculations
based on financial statements, up from 10.2mn rials in the same period last year.
Two analysts polled by Reuters forecast NBO would make fourth-quarter profit of 10.8mn rials and 12.7mn rials respectively.
The bank, which appointed Ahmed al-Musalmi as chief executive in May, reported an annual net profit for 2014 of 50.3mn rials, up
from 41.4mn rials in 2013, a bourse filing yesterday showed.
Saudi Cement
Saudi Cement reported an 8.9% rise in fourth-quarter net profit yesterday, beating forecasts as cement sales increased.
The kingdom's largest cement company by market value made a net profit of 269mn riyals ($71.68mn) in the three months to December
31, according to a bourse filing. This compares with a profit of 247mn riyals in the corresponding period of 2013.
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