October 24, 2019 / 11:59 AM / 18 days ago

Saudi lender NCB posts 20% profit jump

DUBAI (Reuters) - Saudi Arabia’s National Commercial Bank 1180.SE(NCB), the kingdom’s largest lender, reported a 20% rise in third-quarter net profit on Thursday.

The bank made a net profit of 2.55 billion riyals ($680 million) in the three months to Sept. 30, up from 2.12 billion riyals in the same period of 2018, it said in a bourse statement.

Revenue from special income, an Islamic equivalent to net interest income, rose 4.9% to 4.93 billion riyals while fee income from banking and exchange services declined.

NCB was hired by state oil giant Saudi Aramco as a joint global coordinator for its planned initial public offering (IPO), sources told Reuters in September.

Reporting by Hadeel Al Sayegh; Editing by David Goodman

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