|01-15-2015, 10:47 PM||#1|
Saudi`s NCB posts profit for the 1st time since IPO in November, trails forecast
Saudi Arabia`s National Commercial Bank, the second-biggest bank by market value, said fourth-quarter net profit rose 1.7% from a year earlier, missing analysts` average forecast.
The lender on Wednesday posted a net profit of 1.83 billion riyals for the three months to Dec. 31, 2014, compared to 1.79 billion riyals in the same quarter a year ago.
These earnings are the first to be reported since the lender completed the biggest-ever share sale in the Middle East in November, raising 22.5 billion.
Two analysts have expected a median profit of 1.97 billion riyals.
The slump in fourth-quarter earnings came on the heels of a 10% increase to 4.03 billion riyals in operating in the same period.
For full-year 2014, the bank said net profit was 8.66 billion riyals, 10.2% higher from the twelve months of 2013.
NCB, like other Saudi bank serving the energy industry, is bracing against the tide of tumbling oil prices, which have lost nearly 60% since its June peak.
The lender is in talks to lend for the Dubai Electricity & Water Authority (DEWA)`s new solar power project, Saeed Mohammed Al-Tayer, the CEO of the Saudi-led consortium said in Dubai.
Shares of NCB dropped for the second day on Thursday, trading around 57.25 riyals on the Saudi Exchange.
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