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Friday, 20 January 2017

UPDATE 1-Bad loans, other costs hobble Q4 earnings for Saudi banks | Reuters

UPDATE 1-Bad loans, other costs hobble Q4 earnings for Saudi banks | Reuters:

"Rising bad loans dragged down the fourth-quarter results of several Saudi Arabian banks on Thursday, underlining the tougher conditions lenders in the Arab World's largest economy face after lower oil revenues curbed spending and business activity. Alawwal Bank, Saudi Arabia's oldest lender, swung to a net loss of 249.3 million riyals ($66.5 million) in the three months to Dec. 31, down from a net profit of 451.3 million riyals in the same quarter of 2015, according to a statement. Alistithmar Capital and EFG Hermes had forecast it would make a quarterly profit of 330.5 million riyals and 438.0 million riyals respectively."



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