National Commercial Bank, Saudi Arabia's biggest lender by assets, reported a slightly higher net profit for 2020 despite having to make more provisions for potential bad debts.
The lender, which is in the midst of a merger with Samba Financial Group, reported a net profit of 11.44 billion Saudi riyals ($3.05bn), up from 11.40bn riyals in 2019.
This is despite total income falling almost 8 per cent to 19.44bn riyals.
Higher net profit was "derived from higher total operating income, partially offset by higher total operating expenses, including impairments", the lender said in a statement on Tuesday to Saudi Arabia's Tadawul exchange, where its shares trade.
"Total operating income increased by 4.3 per cent mainly due to the increase in net special commission income, fees from banking services and foreign exchange income [and] higher investment-related income," it added.
Impairments for expected credit losses rose to 1.95bn riyals, up 37 per cent on the prior year.
NCB's assets increased 18 per cent to 599.4bn riyals by year-end, as its loan book grew 23 per cent to 346.7bn riyals. Customer deposits also increased by almost 18 per cent to 416.4bn riyals.
The lender said earlier this month that it plans to change its name to Saudi National Bank once its merger with Samba Financial Group concludes.
The deal was given the green light by the Saudi Central Bank on February 1, and the kingdom's Capital Market Authority on Monday approved an application for the lender to increase its share capital to enable the merger.
Upon completion, the combined entity will have a market share of about 25 per cent, with a network of more than 500 branches.
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part three: the age of the electric vehicle begins
Read part two: how climate change drove the race for an alternative
Read part one: how cars came to the UAE
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
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- 600-seat auditorium
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- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Neighbourhood Watch
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
NEW%20UTILITY%20POLICY%3A%20WHAT%20DOES%20IT%20REGULATE%3F
Plastic tipping point
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MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
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Mohammed bin Zayed Majlis
KILLING OF QASSEM SULEIMANI
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
Rashmee Roshan Lall: Sound of silence in South Asia
Fanar Haddad: The Iranian response will be gradual
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Rashmee Roshan Lall: Sound of silence in South Asia
Results
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
While you're here
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• UAE's monumental and risky Mars Mission to inspire future generations, says minister
• Could the UAE drive India's economy?
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• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
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Mohammed bin Zayed Majlis
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- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
• Remittance charges will be tackled by blockchain
• UAE's monumental and risky Mars Mission to inspire future generations, says minister
• Could the UAE drive India's economy?
• News has a bright future and the UAE is at the heart of it
• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
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Tomorrow 2021
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