Saudi’s largest lender National Commercial Bank says profit rises on higher lending | The National:
"Saudi Arabia’s largest listed lender, National Commercial Bank (NCB), reported a 3.2 per cent increase in second-quarter net profit on Sunday, which was at the low end of analysts’ forecasts.
The bank made a net profit of 2.44 billion Saudi riyals (Dh2.3bn) in the three months to June 30, up from 2.36bn riyals in the same period last year, it said in a bourse statement.
Four analysts had forecast on average that NCB would make a quarterly profit of 2.54bn riyals."
'via Blog this'
Sunday, 17 July 2016
UAE banking sector growth expected to remain soft in 2016 | GulfNews.com
UAE banking sector growth expected to remain soft in 2016 | GulfNews.com:
"The UAE’s banking sector earnings are expected to soften further in the second quarter as many banks are likely to announce weak growth in lending and profitability in their second quarter earnings, according to banking sector analysts.
“We forecast bottom line to fall -3.5 per cent year on year in the second quarter as growth remains soft amid a challenging macro environment, net interest margins (NIM) is under moderate pressure, non- net interest income (NII) should slip, JAW ratio [ ratio of income growth rate to expense growth rate] are slightly negative despite operating expenses (OpEx) optimisation,” Jaap Meijer, head of Research at Arqaam Capital said in a note.
UAE banks are well capitalised and have comfortable liquidity position despite the difficult macroeconomic situation prevailing due to low oil prices. In 2015, profitability of UAE banks moderated and the trend is expected to continue in the short term."
'via Blog this'
"The UAE’s banking sector earnings are expected to soften further in the second quarter as many banks are likely to announce weak growth in lending and profitability in their second quarter earnings, according to banking sector analysts.
“We forecast bottom line to fall -3.5 per cent year on year in the second quarter as growth remains soft amid a challenging macro environment, net interest margins (NIM) is under moderate pressure, non- net interest income (NII) should slip, JAW ratio [ ratio of income growth rate to expense growth rate] are slightly negative despite operating expenses (OpEx) optimisation,” Jaap Meijer, head of Research at Arqaam Capital said in a note.
UAE banks are well capitalised and have comfortable liquidity position despite the difficult macroeconomic situation prevailing due to low oil prices. In 2015, profitability of UAE banks moderated and the trend is expected to continue in the short term."
'via Blog this'
Commercial Bank of Dubai Q2 profit falls 22 per cent | The National
Commercial Bank of Dubai Q2 profit falls 22 per cent | The National:
"Commercial Bank of Dubai said its second quarter profit fell 22 per cent, weighed down by rising levels of bad debt amid a weakening of the economy.
Net income fell to Dh245 million in the second quarter versus Dh314m in the same period last year. Impairment allowances on loans and advances and Islamic finance more than doubled to Dh181.6m compared to Dh77.9m in same period last year.
Bad debt has been plaguing UAE banks since the slide in oil prices that began two years ago.
Most of those loans that have soured have come from small and medium size enterprises, which because of their small size are usually the first to go under when economic growth begins to slow."
'via Blog this'
"Commercial Bank of Dubai said its second quarter profit fell 22 per cent, weighed down by rising levels of bad debt amid a weakening of the economy.
Net income fell to Dh245 million in the second quarter versus Dh314m in the same period last year. Impairment allowances on loans and advances and Islamic finance more than doubled to Dh181.6m compared to Dh77.9m in same period last year.
Bad debt has been plaguing UAE banks since the slide in oil prices that began two years ago.
Most of those loans that have soured have come from small and medium size enterprises, which because of their small size are usually the first to go under when economic growth begins to slow."
'via Blog this'
MIDEAST STOCKS-Gulf edges up despite Turkey; Saudi's NCB falls on earnings | Reuters
MIDEAST STOCKS-Gulf edges up despite Turkey; Saudi's NCB falls on earnings | Reuters:
"Major Middle Eastern stock markets edged up on Sunday although some shares with exposure to Turkey underperformed after the failed coup attempt there, and Saudi Arabia's largest listed bank dropped after reporting second-quarter earnings.
The instability in Turkey is expected to have little financial impact on the Gulf because trade and investment ties are relatively minor. Nevertheless, fund managers said the event made some investors more cautious about buying.
Qatar National Bank, which last month completed the acquisition of Turkey's Finansbank, slipped 0.5 percent, helping to pull the Qatari stock index down 0.1 percent."
'via Blog this'
"Major Middle Eastern stock markets edged up on Sunday although some shares with exposure to Turkey underperformed after the failed coup attempt there, and Saudi Arabia's largest listed bank dropped after reporting second-quarter earnings.
The instability in Turkey is expected to have little financial impact on the Gulf because trade and investment ties are relatively minor. Nevertheless, fund managers said the event made some investors more cautious about buying.
Qatar National Bank, which last month completed the acquisition of Turkey's Finansbank, slipped 0.5 percent, helping to pull the Qatari stock index down 0.1 percent."
'via Blog this'
Subscribe to:
Posts (Atom)