Majority ownership by the Saudi government Strong commercial position and customer franchise Strong financial profile Solid capitalization Limited geographic diversification Concentration risks in the loan book Limited financial performance track record The ratings on The National Commercial Bank (NCB) reflect the bank's majority ownership by the Saudi government, leading commercial position, and rapid improvement 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, offset these factors, however. The ratings on the bank include a two-notch uplift to reflect the opinion of Standard&Poor's Ratings Services that the government
