VOL. XLII

No. 27

5-July-1999

SAUDI ARABIA

NCB Releases Long-Awaited 1998 Results

National Commercial Bank (NCB) may have taken a sharp 43.6%increase in provisioning costs in 1998, but it has still managed to maintainprofit growth of 1.79% and more efficient operations, with its cost/incomeratio falling from 2.09 in 1997 to 1.95 in 1998 (see table below). On therelease of its extremely tardy 1998 annual results, Saudi Arabias biggestbanks management was quick to clarify the reasons for the delay...