Saudi Arabia's National Commercial Bank profit up 6.7% to $688m in Q1

Higher fees and commissions buoyed quarterly earnings.

Reuters reports that the profit of Saudi Arabia’s largest lender National Commercial Bank (NCB) rose 6.7% YoY to $688m (2.58b riyals) in Q1 on the back of higher fees, commissions and investments. 

Despite posting higher operating expenses, a 4.1% increase in operating income and 2.9% special commission income was able to offset overhead costs.

Loans and advances also inched up 3.6% YoY to $70.94b (266.04b riyals).

Here’s more from Reuters: