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Wednesday, 18 January 2017

UPDATE 1-Al Rajhi Bank defies Saudi austerity impact with profit rise | Reuters

UPDATE 1-Al Rajhi Bank defies Saudi austerity impact with profit rise | Reuters:

"Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, reported a 5 percent rise in fourth-quarter net profit on Wednesday, meeting analysts' forecasts as financing, investment and other income all increased.

The bank extended its run of rising profits to five quarters in a row, despite the impact of austerity measures by the government aimed at trimming the kingdom's budget deficit to adjust to lower oil revenues.

It reported its results on the same day that National Commercial Bank (NCB), the kingdom's largest lender, reported a 7.5 percent rise in fourth-quarter net profit, boosted by higher income from commission and investments."



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