National Commercial Bank announces its Annual Financial Results for the Period Ending on 2020-12-31

Element ListCurrent YearPrevious Year%Change
Total income from Special Commissions/Financing & Investments 19,44121,117-7.936
Net Income from Special Commissions/Financing & Investments 16,68716,3821.861
Total Operation Profit (Loss) 21,45820,5754.291
Net Profit (Loss) before Zakat and Income Tax 12,93312,9190.108
Net Profit (Loss) 11,44011,4010.342
Total Comprehensive Income 11,74112,641-7.119
Total Share Holders Equity (after Deducting Minority Equity) 79,41068,44316.023
Assets 599,446506,81918.276
Investments 144,853134,0778.037
Loans and Advances Portfolio (Financing & Investment) 346,708281,84323.014
Clients' deposits 416,419353,38917.835
Profit (Loss) per Share 3.683.68
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is 0.3% higher net income derived from higher total operating income, partially offset by higher total operating expenses including impairments.

Total operating income increased by 4.3% mainly due to the increase in net special commission income, fees from banking services and foreign exchange income, higher investment related income* partially offset by higher other operating (expense), net.

Total operating expenses including impairments were higher by 9.4% mainly due to higher net impairment charge for expected credit losses, Depreciation/amortization of property, equipment, software and ROU assets and other general and administrative expenses, partially offset by a decrease in Rent and premises-related expense.

Statement of the type of external auditor's report Unmodified opinion
Reclassification of Comparison Items Some numbers have been re-classified for comparative reasons.
Additional Information Net impairment charge for expected credit losses reached to SAR 1,951Mn for the current period against SAR 1,420Mn in the similar period of the previous year with an increase of 37%.

EPS for the current and the previous year are calculated by dividing the net income attributable to common equity holders of the bank (adjusted for Tier 1 Sukuk costs) for the periods by the weighted average number of shares outstanding 2,991,996k (2019: 2,991,580k).

*Investment related income includes Income from FVIS instruments, and Gains on non-FVIS financial instruments.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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