In NCB Capital's (NCBC) view, the 14.7% YoY growth in Albilad’s net income is the result of an increase in NSCI income and fee and other Income. Although the bank’s total operating income came broadly in-line with NCBC's estimate, lower than expected operating expenses including provisions resulted in net income that was 9.4% better than the estimate. Albilad’s NSCI grew 10.7% YoY to SR228mn, in-line with the estimates, led by a 25.3% YoY growth in net loans. Albilad’s investment base also expanded about 8 times which enabled the strong NSCI growth. However, despite the shift from cash towards higher yielding assets, NCBC's calculation suggest that NIMs declined 4bps YoY and 9bps QoQ. This implies that the front loan rates have been declining by a significant level.