National Commercial Bank’s (NCB) Q4 2018 net profit of SAR 2.65 billion missed Riyad Capital’s estimate of SAR 2.85 billion, but beat the consensus estimate of SAR 2.55 billion, the brokerage firm said in an earnings review.
Special commission income of SAR 4.74 billion came in line with the brokerage’s estimate of SAR 4.89 billion.
Net loans fell by SAR 2.9 billion quarter-on-quarter to SAR 265 billion at 2018-end, while deposits fell by SAR 6.7 billion, almost eliminating last quarter’s increase of SAR 7.8 billion, to reach SAR 319 billion.
"Net advances and deposits dipped for the first time this year, which came as a surprise to us as we expected them to grow," it added.
The brokerage kept NCB rating to “neutral”, setting the target price at SAR 48.
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