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BANKING

Al Rajhi Q3 profit jumps 12% as operating income grows
October 30, 2019

Saudi Arabia's biggest retail bank, Al Rajhi Bank, reported a 12 per cent increase in third-quarter net profit as operating income grew and impairments fell.

The bank reported a net profit of Dh2.83 billion for the three months to September 30, which was ahead of analysts' expectations, as revenue also increased 12 per cent and operating profit rose almost 14 per cent. Although"...

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JPMorgan says Saudi business is fastest growing globally
October 30, 2019

JPMorgan Chase & Co said on Tuesday its business in Saudi Arabia is growing faster than any other region in the world, helped by the stock exchange’s inclusion in MSCI’s main emerging markets index.

“We at JPMorgan believe that Saudi will become the main hub in the region, as well as one of the main hubs globally,” Carlos Hernandez, head of global banking at"...

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First Abu Dhabi Bank opens branch in Al Khobar, Saudi Arabia
October 30, 2019

AL KHOBAR, Saudi Arabia, 29th October, 2019 (WAM) -- First Abu Dhabi Bank, FAB, has expanded its operations in Saudi Arabia with the opening of a branch in Al Khobar. The new branch joins one already operating in Riyadh.

Abdulhamid Saeed, Group Chief Executive Officer of FAB, said, 'It gives me great pleasure to open our second branch in Saudi Arabia. We look forward to providing the"...

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Riyad Bank reports 59% third quarter profit jump
October 28, 2019

Saudi Arabia’s Riyad Bank, which is in talks to merge with National Commercial Bank, reported a 59 per cent year-on-year jump in its third-quarter net profit as operating income rose.

Net profit for the three-month period ending September 30 climbed to 1.51 billion Saudi riyals (Dh1.47bn), the lender said in a regulatory statement to the Tadawul stock exchange, where its shares trade."...

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Banking shares help key Saudi index edge up 0.2 percent
October 24, 2019

Most Gulf stock markets moved marginally amid falling oil prices on Wednesday, while Egypt’s blue-chip index declined, led by property shares.

DUBAI: Oil prices slipped toward $59 a barrel on data showing a bigger-than-expected rise in US crude stocks, while the prospect of deeper output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies offered support.

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Alinma Bank sustains growth in all activities
October 23, 2019

JEDDAH — Alinma Bank has recorded net profit of SR2,251 million before Zakat during the nine months of 2019 compared to SR1,856 million for the same period of last year, reflecting a growth of 21%. Net profit for the third quarter of 2019 before Zakat was SR792 million. This represents an improvement over the SR653 million net profit earned before Zakat for the same quarter of the previous year, an increase of 21%. It also showed an increase of 5% over the"...

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Mastercard, Saudi Payments explore future of payments
October 20, 2019

RIYADH — Mastercard, in collaboration with Saudi Payments, recently hosted the Mastercard Saudi eCommerce Forum 2019. The event brought together key players and innovators in the Saudi financial sector to discuss the latest global and regional eCommerce market dynamics and the global growth trends that are shaping the payment ecosystem.

The forum, which took place in Riyadh, supports the Saudi 2030 Vision to make 70 percent of all payments electronic"...

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Saudi electronic payments witness dynamic growth
October 20, 2019

RIYADH — Mastercard, in collaboration with Saudi Payments, recently hosted the Mastercard Saudi eCommerce Forum 2019. The event brought together key players and innovators in the Saudi financial sector to discuss the latest global and regional eCommerce market dynamics and the global growth trends that are shaping the payment ecosystem.

The forum, which took place in Riyadh, supports the Saudi 2030 Vision to make 70 percent of all payments electronic"...

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Bank of America Reports Third-Quarter 2019 Financial Results
October 16, 2019

Bank of America reported its third-quarter 2019 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191016005398/en/