Majority ownership by the Saudi government; Strong commercial position and customer franchise; Strong and improving financial profile and performance; and Solid capitalization. Limited geographic diversification; Concentration risks stemming from the oil-dependent nature of the bank's business environment; and Limited track record of high and stable financial performance. The ratings on The National Commercial Bank (NCB) reflect the bank's majority ownership by the Saudi government, leading commercial position, and rapid recovery in both profitability and asset quality. Capitalization, one of the bank's main weaknesses in the past, is back to high levels. Concentration risks stemming from limited geographic diversification, together with a short track record of strong and stable financial performance, mitigate these factors, however. NCB has benefited from massive state
