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Sunday, 16 October 2016

MIDEAST STOCKS-Markets fall across region, NCB earnings hit Saudi | Reuters

MIDEAST STOCKS-Markets fall across region, NCB earnings hit Saudi | Reuters:

"The performance of banking shares weighed on Saudi Arabia's market index on Sunday after the largest listed bank reported profits below analysts' expectations, while indexes for other markets in the region also fell.

Riyadh's index fell 1.1 percent as National Commercial Bank (NCB) tumbled 5.6 percent after reporting a third-quarter net profit of 1.96 billion riyals ($523 million), down 1.6 percent from the same period of 2015. Three analysts had on average forecast a quarterly profit of 2.31 billion riyals.

NCB, like most other Saudi banks that have already reported quarterly results, cited higher costs, including a rise in impairments on financings and investments. The bank is a key lender to Saudi Arabia's troubled construction sector."



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