Thursday 11 July 2013

Saudi Banks Drop Most in Month on Al Rajhi Profit: Riyadh Mover - Bloomberg

"Saudi Arabia’s bank index fell the most in almost a month as second-quarter profit at the kingdom’s largest lender missed analysts’ estimates.
The Tadawul All Share Bank Index dropped 1.1 percent, the most since June 15 on a closing basis, to 16,804.81 at 1:12 p.m. in Riyadh. Al Rajhi Bank, which has the biggest weighting on the broader measure, retreated 2 percent, also the most since June 15. The benchmark Tadawul All Share Index declined 0.5 percent.
Al Rajhi’s second-quarter profit was 2.12 billion riyals ($570 million), missing the average estimate of 10 analysts for a profit of 2.16 billion riyals, according to data compiled by Bloomberg. The bank’s shares have advanced 3.1 percent in the past year, lagging a rally of 15 percent for the Tadawul and a gain of 12 percent for Samba Financial Group. (SAMBA)"

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