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Wednesday, 12 April 2017

MIDEAST STOCKS-Q1 results buoy banks; Zain Saudi soars on record profit | Reuters

MIDEAST STOCKS-Q1 results buoy banks; Zain Saudi soars on record profit | Reuters:

"Generally positive first-quarter results from Gulf banks helped lift financial stocks on Wednesday, while Saudi Arabia's third-largest telecoms operator jumped by its daily limit after reporting its first ever quarterly net profit.

Shares in Qatar National Bank, the largest lender by assets in the Gulf Cooperation Council (GCC), rose 1 percent after it announced net profit of 3.2 billion riyals ($879 million) for 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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