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BANKING

Standard Chartered goes on hiring spree
August 15, 2019

HONG KONG: Standard Chartered is targeting growing its private banking assets by half to about $100 billion in three to five years, whilst hiring dozens of bankers in Hong Kong and Singapore to do so, a senior executive at the lender has said.

The moves show StanChart has big growth ambitions for the private banking unit that had until recently weighed on the lender’s earnings, with"...

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Saudi banking profits rise despite pressure on assets, says Fitch
August 11, 2019

Profitability for Saudi banks improved in 2018 despite continued pressure on asset quality from a challenging operating environment, according to a new report by Fitch Ratings.

The ratings agency said Saudi banks saw little new business and subsequent low loan growth affected by lower government spending and weaker consumer confidence.

It"...

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Saudi British Bank posts Q2 loss as merger-related costs increase
August 7, 2019

Saudi British Bank (Sabb) reported a net loss of 254 million Saudi riyals (Dh248.7m) in the second quarter of the year, compared to a net profit of 833m riyals during the same period last year.

The quarterly loss was mainly attributed to an increase in provision for credit losses and an increase in operating expenses, which included 75m riyals for integration planning and transaction costs"...

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Emerging central banks keep cutting rates in July
August 6, 2019

LONDON — Emerging market central banks accelerated interest rate cuts in July, with policymakers rushing to trim benchmarks as major central banks including the US Federal Reserve and the European Central Bank adopted a more dovish tone.

Interest rate moves by central banks across a group of 37 developing economies showed a net eight rate cuts last month – the largest number since March 2015. Some unexpected entrants such as South Korea and"...

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Banque Saudi Fransi Q2 profit slips on zakat provision
August 6, 2019

Banque Saudi Fransi recorded a 4.4 per cent decline in second-quarter profit due to an increase in the zakat, or Islamic tax, provision in Saudi Arabia.

Net income fell to 804 million Saudi riyals (Dh787.3m) in the three months to June 30, below estimates by the Egyptian investment bank EFG Hermes and NCB Capital, compared with 841m riyals in the prior-year period, the lender said on Monday"...

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RBS unveils $2bn windfall on Saudi bank sale Alawwal
August 4, 2019

LONDON: Royal Bank of Scotland on Friday announced a £1.7 billion ($2.06 billion) dividend, but warned that a tough economic environment ahead of Brexit means it is likely to miss its profitability and cost targets for next year.

The state-backed lender posted stronger than expected half-year pretax profits of £2.7 billion, above forecasts of £2.3 billion according to"...

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Al Rajhi Bank's second-quarter profit beats analysts' estimates
July 31, 2019

Al Rajhi Bank, the biggest Saudi lender by market capitalisation, reported a 4.3 per cent year-on-year rise in its second-quarter net income, helped by an increase in operating income, which beat analysts’ estimates.

Net profit for the three-month period ending June 30 rose to 2.58 billion Saudi riyals (Dh2.54bn), the bank said in a statement to the Tadawul stock exchange, where its"...

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Chinese investment soars on back of Saudi reforms
July 29, 2019

RIYADH: A new chapter in Saudi-Chinese relations was written during the recent visit of the leadership of Saudi Arabia to China, according to Sultan Mufti, the deputy governor of investment attraction and development at the Saudi Arabian General Investments Authority (SAGIA).

In an exclusive interview with Arab News, he said: “We've seen huge growth in Chinese companies in the"...

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Work on Alreeman project commences
July 29, 2019

ABU DHABI — Aldar Properties PJSC on Sunday provided its latest quarterly update on projects under development across its key destinations in Abu Dhabi.

Work on infrastructure in Alreeman, a master-planned residential and commercial investment zone in the Alshamkha which was launched earlier this year, commenced in July, following the appointment of Tristar Engineering & Construction LLC as the main contractor. With a contract value of AED794"...

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Dubai's biggest bank wins approval to open 20 branches in Saudi Arabia
July 18, 2019

Emirates NBD on Wednesday said it has received approval to open 20 more branches in Saudi Arabia as Dubai’s biggest bank expands in the Arab world’s largest economy.

The state-controlled lender currently operates two branches in Riyadh, one in Jeddah and another in Khobar in the east.

The expansion"...

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