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Monday, 16 January 2017

MIDEAST STOCKS-Sinking banks drag down Saudi stocks, rest of region mixed | Reuters

MIDEAST STOCKS-Sinking banks drag down Saudi stocks, rest of region mixed | Reuters:

"A slide in banking shares after earnings at a major bank missed analysts' estimates dragged down Saudi Arabia's stock market on Monday, while markets in the rest of the region were mixed.

Riyad Bank, the first major Saudi bank to report fourth-quarter earnings, posted a 66 percent fall in net profit to 293 million riyals ($78 million), citing higher impairment charges for credit losses as well as lower operating income from fees and commissions.

It was the sixth quarter in the last seven in which Riyad Bank reported either declining or flat profits, highlighting the challenges the kingdom's banks face as growth in lending and deposits is constrained by sagging oil prices, which have dampened spending by the government, companies and consumers."



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