First Abu Dhabi Bank Q2 profit up 19% | ZAWYA MENA Edition:
First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, on Tuesday reported a 19 percent rise in second-quarter 2018 profit, boosted by higher foreign exchange and investment income, as well as lower impairment charges.
FAB made a net profit of 3.06 billion dirhams ($845 million) in the three months ending June 30, compared to 2.56 billion dirhams in the prior-year period, it said in a statement.
SICO Bahrain and EFG Hermes had forecast FAB would make a second-quarter profit of 2.88 billion dirhams and 2.80 billion dirhams respectively .
Tuesday 24 July 2018
Oil rises as oversupply and trade tension fears abate | Reuters
Oil rises as oversupply and trade tension fears abate | Reuters:
Oil prices rose on Tuesday as the market shifted focus to the possibility of increased Chinese demand, drawing attention away from trade tensions between that country and the United States after a series of tariffs imposed by both countries.
Brent crude was up 57 cents at $73.63 a barrel by 10:50 a.m. EDT (1450 GMT). U.S. West Texas Intermediate (WTI) was up 86 cents at $68.75.
Reports on Tuesday that China will increase infrastructure spending helped lessen fears that U.S.-China trade tensions will reduce the country’s demand for oil, said Phil Flynn, analyst at Price Futures Group in Chicago.
Oil prices rose on Tuesday as the market shifted focus to the possibility of increased Chinese demand, drawing attention away from trade tensions between that country and the United States after a series of tariffs imposed by both countries.
Brent crude was up 57 cents at $73.63 a barrel by 10:50 a.m. EDT (1450 GMT). U.S. West Texas Intermediate (WTI) was up 86 cents at $68.75.
Reports on Tuesday that China will increase infrastructure spending helped lessen fears that U.S.-China trade tensions will reduce the country’s demand for oil, said Phil Flynn, analyst at Price Futures Group in Chicago.
Saudi lender NCB lifted by rise in fees and investment income | Reuters
Saudi lender NCB lifted by rise in fees and investment income | Reuters:
Saudi Arabia’s National Commercial Bank(NCB), the kingdom’s largest lender, reported a 6.7 percent rise in first-quarter net profit on Tuesday on increased fees, commission and investments.
It was the fourth Saudi bank to report earnings on Tuesday, with the other two reporting higher profit and the third, Banque Saudi Fransi(BSF), the kingdom’s fifth-largest bank by assets, posting an 8.4 percent profit fall.
Despite limited credit growth, Saudi banking industry profitability is expected to edge up this year as higher public spending helps to lift interest margins.
Saudi Arabia’s National Commercial Bank(NCB), the kingdom’s largest lender, reported a 6.7 percent rise in first-quarter net profit on Tuesday on increased fees, commission and investments.
It was the fourth Saudi bank to report earnings on Tuesday, with the other two reporting higher profit and the third, Banque Saudi Fransi(BSF), the kingdom’s fifth-largest bank by assets, posting an 8.4 percent profit fall.
Despite limited credit growth, Saudi banking industry profitability is expected to edge up this year as higher public spending helps to lift interest margins.
MIDEAST STOCKS-Saudi banks up while some petchems weigh on index; FAB rises in Abu Dhabi | Reuters
MIDEAST STOCKS-Saudi banks up while some petchems weigh on index; FAB rises in Abu Dhabi | Reuters:
Shares in Saudi banks rose on Tuesday on the back of positive second-quarter results, while some petrochemical companies dropped, reflecting a fall in oil prices.
The Saudi index shed 0.5 percent, as companies such as Saudi Kayan Petrochemical Co and National Industrialization Company weighed on the index.
Saudi Kayan published its second-quarter financial results on Sunday, showing a net profit of 878.7 million riyals ($234.30 million), up from 242 million riyals during the same period a year earlier. The results were well above average analysts’ expectations of 470 million riyals.
Shares in Saudi banks rose on Tuesday on the back of positive second-quarter results, while some petrochemical companies dropped, reflecting a fall in oil prices.
The Saudi index shed 0.5 percent, as companies such as Saudi Kayan Petrochemical Co and National Industrialization Company weighed on the index.
Saudi Kayan published its second-quarter financial results on Sunday, showing a net profit of 878.7 million riyals ($234.30 million), up from 242 million riyals during the same period a year earlier. The results were well above average analysts’ expectations of 470 million riyals.
Wealthy Saudis sit on cash as purge casts shadow over investment | Financial Times
Wealthy Saudis sit on cash as purge casts shadow over investment | Financial Times:
Wealthy Saudi merchant families are holding back from investing in the kingdom as nervousness triggered by Riyadh’s anti-corruption purge exacerbates a fragile business climate.
According to bankers, private businesses have resorted to sitting on their cash, while some are looking for ways to shift funds offshore. Yet some wealthy Saudis fear their financial affairs, especially attempts to transfer money, are being monitored to prevent them moving assets overseas, the bankers say.
“A $30,000 transfer being made by a relative [of a well-connected businessman] was questioned by a government official at the bank,” said a Saudi wealth manager. “These are targeted — but huge scale — capital controls.”
Wealthy Saudi merchant families are holding back from investing in the kingdom as nervousness triggered by Riyadh’s anti-corruption purge exacerbates a fragile business climate.
According to bankers, private businesses have resorted to sitting on their cash, while some are looking for ways to shift funds offshore. Yet some wealthy Saudis fear their financial affairs, especially attempts to transfer money, are being monitored to prevent them moving assets overseas, the bankers say.
“A $30,000 transfer being made by a relative [of a well-connected businessman] was questioned by a government official at the bank,” said a Saudi wealth manager. “These are targeted — but huge scale — capital controls.”
Oil steady as U.S.-Iran row balances trade worries | Reuters
Oil steady as U.S.-Iran row balances trade worries | Reuters:
Oil prices steadied on Tuesday as rising tension between the United States and Iran highlighted risks to supply while escalating trade disputes raised the prospect of slower economic growth and perhaps weaker energy demand.
Brent crude oil was unchanged at $73.06 a barrel by 0840 GMT. U.S. light crude was up 15 cents at $68.04.
Both oil benchmarks have fallen this month as crude supplies from Russia, Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries have increased and unscheduled production losses have eased.
Oil prices steadied on Tuesday as rising tension between the United States and Iran highlighted risks to supply while escalating trade disputes raised the prospect of slower economic growth and perhaps weaker energy demand.
Brent crude oil was unchanged at $73.06 a barrel by 0840 GMT. U.S. light crude was up 15 cents at $68.04.
Both oil benchmarks have fallen this month as crude supplies from Russia, Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries have increased and unscheduled production losses have eased.
Rising oil revenues lift outlook for Gulf finances but not growth | Reuters
Rising oil revenues lift outlook for Gulf finances but not growth | Reuters:
Rising oil revenues are greatly improving the outlook for budget and trade balances among Gulf Arab countries but will do very little to boost economic growth, a quarterly Reuters poll of economists showed.
The benchmark Brent oil price LCOc1 has averaged about $71.60 a barrel so far this year, up from $55 last year. Also, Gulf states are set to export more oil this year after global producers agreed last month to boost output, partly to compensate for anticipated losses in production by Iran, which faces U.S. sanctions.
That is a boon for state finances and external surpluses across the region, especially in Saudi Arabia, the top exporter. Saudi investment bank Jadwa forecasts Riyadh’s oil revenues at $154 billion this year, instead of the $131 billion which the government budgeted last December.
Rising oil revenues are greatly improving the outlook for budget and trade balances among Gulf Arab countries but will do very little to boost economic growth, a quarterly Reuters poll of economists showed.
The benchmark Brent oil price LCOc1 has averaged about $71.60 a barrel so far this year, up from $55 last year. Also, Gulf states are set to export more oil this year after global producers agreed last month to boost output, partly to compensate for anticipated losses in production by Iran, which faces U.S. sanctions.
That is a boon for state finances and external surpluses across the region, especially in Saudi Arabia, the top exporter. Saudi investment bank Jadwa forecasts Riyadh’s oil revenues at $154 billion this year, instead of the $131 billion which the government budgeted last December.
MIDEAST STOCKS-Petchem shares down in Saudi, Drake and Scull lifts Dubai | Reuters
MIDEAST STOCKS-Petchem shares down in Saudi, Drake and Scull lifts Dubai | Reuters:
Petrochemical shares dragged the Saudi market down in early trade on Tuesday.
The index was 0.2 percent lower, pulled down by Saudi Kayan Petrochemical Co and Sahara Petrochemical , down 0.3 percent and 1.3 percent respectively after second quarter results.
Saudi Kayan posted a net profit of 878.7 million riyals ($234.30 million), up from 242 million riyals a year earlier and beating average analysts’ expectations.
Petrochemical shares dragged the Saudi market down in early trade on Tuesday.
The index was 0.2 percent lower, pulled down by Saudi Kayan Petrochemical Co and Sahara Petrochemical , down 0.3 percent and 1.3 percent respectively after second quarter results.
Saudi Kayan posted a net profit of 878.7 million riyals ($234.30 million), up from 242 million riyals a year earlier and beating average analysts’ expectations.
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