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Wednesday, 12 April 2017

MIDEAST STOCKS-Q1 results buoy banks, Zain Saudi soars on first net profit | Reuters

MIDEAST STOCKS-Q1 results buoy banks, Zain Saudi soars on first net profit | Reuters:

"Generally positive first-quarter results from banks in the Gulf helped lift confidence in financial stocks in early trade on Wednesday, while Saudi Arabia's third largest telecommunications operator jumped by its daily limit after it swung to its first ever quarterly net profit. Shares in Qatar National Bank rose 0.9 percent after it reported net profit of 3.2 billion riyals ($879 million) in the three months to March 31, up 12 percent from the prior year period and beating Arqaam Capital analysts' forecast of 3.0 billion riyals. Loan growth was up 33 percent year on year to 536 billion riyals, while customer deposits rose by 34 percent to 541 billion riyals."



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