DUBAI, July 13 National Commercial Bank
IPO-NACO.SE, which later this year is expected to list its
shares in one of Saudi Arabia's largest initial public offers,
posted a 22 percent jump in second-quarter net profit on Sunday.
The kingdom's biggest bank by assets made 2.425 billion
riyals ($647 million) in the three months to June 30, compared
with 1.99 billion riyals in the corresponding period of 2013, it
said in an emailed statement.
NCB said the growth was driven by an 8.3 percent
year-on-year increase in net special commissions income, as well
as gains of 3.9 percent and 11.2 percent in banking and foreign
exchange income respectively.
Loans and advances at the end of June stood at 206 billion
riyals, climbing 15.7 percent from a year earlier, while
deposits gained 20 percent to 346 billion riyals.
NCB is majority-owned by the state's Public Investment Fund,
which plans to sell a 15 percent stake to the public by the end
of the year in an IPO expected to be worth between 15 billion
and 20 billion riyals.
($1 = 3.7499 Saudi Riyals)
(Reporting by David French; Editing by Andrew Torchia)