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:
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