Saturday, 23 July 2011
Saudi banks continue to post solid profits while implementing prudent strategies, says S&P report - bi-me.com
Saudi commercial banks continue to rank among the world's most profitable banks, said Standard & Poor's Ratings Services in a report published today titled 'Solid Profits And Prudent Strategies Help Cushion Saudi Banks Against Pockets Of Risk.'
'Through a unique combination of supportive features, the Saudi banks we rate continue to demonstrate their ability to generate solid, sustainable core earnings, in turn fuelling high profits,' said Standard & Poor's credit analyst Nicolas Hardy. 'Prospects for sound earnings and profits are bright.'
These banks operate in a potentially volatile but favorable environment, with high oil prices and vast spending plans under the aegis of the Saudi government (Kingdom of Saudi Arabia; AA-/Stable/A-1+).
'Through a unique combination of supportive features, the Saudi banks we rate continue to demonstrate their ability to generate solid, sustainable core earnings, in turn fuelling high profits,' said Standard & Poor's credit analyst Nicolas Hardy. 'Prospects for sound earnings and profits are bright.'
These banks operate in a potentially volatile but favorable environment, with high oil prices and vast spending plans under the aegis of the Saudi government (Kingdom of Saudi Arabia; AA-/Stable/A-1+).
UK court ruling on Al Gosaibi 'unenforceable' - The National
The London court that ordered the Al Gosaibi family of Saudi Arabia to repay US$250 million (Dh918.2m) of debts has been told its judgment is not enforceable in the kingdom.
Last month, the Al Gosaibi partnership pulled out of a legal action defending itself against claims by five banks including HSBC, and admitted liability for the debts.
But a document filed in the London High Court by a law firm acting for the family partnership, Ahmed Hamed Al Gosaibi and Brothers (AHAB), and seen by The National, disputes the validity of the English court ruling in Saudi Arabia.
Last month, the Al Gosaibi partnership pulled out of a legal action defending itself against claims by five banks including HSBC, and admitted liability for the debts.
But a document filed in the London High Court by a law firm acting for the family partnership, Ahmed Hamed Al Gosaibi and Brothers (AHAB), and seen by The National, disputes the validity of the English court ruling in Saudi Arabia.
Saudi Arabias foreign assets to reach SR19 trillion by year end | A1SaudiArabia.com
Saudi Arabias foreign assets are forecast to reach a new peak of SR1.9 trillion at the end of 2011, the National Commercial Bank (NCB) said.
The sustained strong oil prices coupled with higher crude output pushed the Kingdoms foreign assets to a record high of more than SR1.8 trillion at the end of May this year.
The bank said the country boosted supply to one of its highest levels of 9.4 million bpd to offset Libyas supply disruption.
The sustained strong oil prices coupled with higher crude output pushed the Kingdoms foreign assets to a record high of more than SR1.8 trillion at the end of May this year.
The bank said the country boosted supply to one of its highest levels of 9.4 million bpd to offset Libyas supply disruption.
gulfnews : Malaysia, Abu Dhabi lead dollar sukuk rally
Investment-grade bonds in Malaysia and Abu Dhabi are leading a rally in dollar sukuk, driving average yields to the lowest level in six years, as rising prices of commodities shore up economic growth.
The yield on Malaysia's 4.646 per cent note maturing in July 2021 dropped 26 basis points, or 0.26 percentage point, this month to 4.4 per cent yesterday, according to prices from Royal Bank of Scotland Group. The rate on the Abu Dhabi-backed Tourism Development & Investment Co's 4.949 per cent debt due in October 2014 fell 21 basis points since June 30 to a 1 1/2-month low of 2.81 per cent, data compiled by Bloomberg show.
Increasing prices of crude, palm oil and soybeans are spurring gains in Sharia-compliant bonds even as the extra yield investors demand to hold emerging-market securities over US Treasuries widened this month. Investment-grade sukuk are appealing given Europe's debt crisis and demand for safety in dollar assets, Jakarta-based PT MNC Asset Management said.
The yield on Malaysia's 4.646 per cent note maturing in July 2021 dropped 26 basis points, or 0.26 percentage point, this month to 4.4 per cent yesterday, according to prices from Royal Bank of Scotland Group. The rate on the Abu Dhabi-backed Tourism Development & Investment Co's 4.949 per cent debt due in October 2014 fell 21 basis points since June 30 to a 1 1/2-month low of 2.81 per cent, data compiled by Bloomberg show.
Increasing prices of crude, palm oil and soybeans are spurring gains in Sharia-compliant bonds even as the extra yield investors demand to hold emerging-market securities over US Treasuries widened this month. Investment-grade sukuk are appealing given Europe's debt crisis and demand for safety in dollar assets, Jakarta-based PT MNC Asset Management said.
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