Russian sovereign wealth fund to boost deals with Saudi Arabia | Reuters:
Russian sovereign wealth fund RDIF said on Wednesday it was poised to significantly increase its number of investment deals with Saudi Arabia.
Kirill Dmitriev, the head of the fund, met Saudi Energy Minister Khalid al-Falih and other Saudi officials in Riyadh to discuss projects in oil refining, petrochemicals, gas chemicals and oilfield services, among other fields, RDIF said in a statement.
The fund said last month it was considering investing in Novatek’s (NVTK.MM) Arctic LNG project with Saudi Aramco IPO-ARMO.SE.
Wednesday, 16 January 2019
Oil gains with Wall Street, but rising U.S. fuel stocks weigh | Reuters
Oil gains with Wall Street, but rising U.S. fuel stocks weigh | Reuters:
Oil prices edged higher on Wednesday, buoyed by a U.S. equity market rally and a supply cut agreement by OPEC+, but gains were limited by data showing growing U.S. refined product inventories and record crude production.
Brent crude LCOc1 futures rose 68 cents to settle at $61.32 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 20 cents to settle at $52.31 a barrel.
Boosting oil prices, Wall Street’s main indexes hit a one-month high. [.N] Crude futures sometimes track equity markets.
Oil prices edged higher on Wednesday, buoyed by a U.S. equity market rally and a supply cut agreement by OPEC+, but gains were limited by data showing growing U.S. refined product inventories and record crude production.
Brent crude LCOc1 futures rose 68 cents to settle at $61.32 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 20 cents to settle at $52.31 a barrel.
Boosting oil prices, Wall Street’s main indexes hit a one-month high. [.N] Crude futures sometimes track equity markets.
Market regulator expects IPOs this year, including Emirates Global Aluminium - The National
Market regulator expects IPOs this year, including Emirates Global Aluminium - The National:
The Securities and Commodities Authority expects initial public offerings, including that of Emirates Global Aluminium to go ahead this year, provided the financial market conditions improve, according to a top official.
“We have a couple of IPO requests in the pipeline, but on hold [waiting for] improvement of the financial markets,” said Obaid Al Zaabi, deputy chief executive of SCA, on Wednesday. I’m very optimistic that this year will be a good year. We are going to witness improvements. I think the guys will revisit their decision. There is interest from other companies as well.”
IPO activity in the Middle East and North Africa region picked up in the third quarter of 2018, with value of listings rising 21.9 per cent to $349.9 million through four flotations and Saudi leading offerings, according to advisory EY.
The Securities and Commodities Authority expects initial public offerings, including that of Emirates Global Aluminium to go ahead this year, provided the financial market conditions improve, according to a top official.
“We have a couple of IPO requests in the pipeline, but on hold [waiting for] improvement of the financial markets,” said Obaid Al Zaabi, deputy chief executive of SCA, on Wednesday. I’m very optimistic that this year will be a good year. We are going to witness improvements. I think the guys will revisit their decision. There is interest from other companies as well.”
IPO activity in the Middle East and North Africa region picked up in the third quarter of 2018, with value of listings rising 21.9 per cent to $349.9 million through four flotations and Saudi leading offerings, according to advisory EY.
Air Arabia files misdemeanour case against #Abraaj founder in #Sharjah court - The National
Air Arabia files misdemeanour case against Abraaj founder in Sharjah court - The National:
Low-cost carrier Air Arabia started legal proceedings against Arif Naqvi, founder of embattled private equity firm Abraaj, through filing a misdemeanour case in a Sharjah court.
The Sharjah-based carrier's legal move follows arbitration proceedings it undertook in July, Air Arabia said in a statement on Wednesday.
"Air Arabia Group has investments outstanding with private equity firm Abraaj," it said. "In addition to Air Arabia’s claims submitted in the provisional liquidations of Abraaj Holdings and Abraaj Investment Management Limited, Air Arabia has commenced with legal proceedings against Abraaj founder Mr Arif Naqvi through the filing of a misdemeanour case in Sharjah court."
Low-cost carrier Air Arabia started legal proceedings against Arif Naqvi, founder of embattled private equity firm Abraaj, through filing a misdemeanour case in a Sharjah court.
The Sharjah-based carrier's legal move follows arbitration proceedings it undertook in July, Air Arabia said in a statement on Wednesday.
"Air Arabia Group has investments outstanding with private equity firm Abraaj," it said. "In addition to Air Arabia’s claims submitted in the provisional liquidations of Abraaj Holdings and Abraaj Investment Management Limited, Air Arabia has commenced with legal proceedings against Abraaj founder Mr Arif Naqvi through the filing of a misdemeanour case in Sharjah court."
Etihad offers to invest in Jet Airways at 49% discount
Etihad offers to invest in Jet Airways at 49% discount:
Etihad Airways has offered to pick up shares of debt-laden Jet Airways Ltd at a 49 per cent discount and to immediately release $35 million (Dh128.55 million) to bail out the troubled carrier if certain conditions are met, CNBC-TV18 reported.
Shares of Jet Airways, in which Etihad already has a 24 per cent stake, fell as much as 7.5 per cent to Rs271.75 ($3.83; Dh14.10) in their biggest intraday drop since early December, after CNBC-TV18 reported that Etihad had offered to pay Rs150 for each share of the Indian airline.
The report cited as its source a letter from Etihad’s CEO Tony Douglas to the State Bank of India, Jet’s biggest lender, about a restructuring plan for the Indian carrier.
Etihad Airways has offered to pick up shares of debt-laden Jet Airways Ltd at a 49 per cent discount and to immediately release $35 million (Dh128.55 million) to bail out the troubled carrier if certain conditions are met, CNBC-TV18 reported.
Shares of Jet Airways, in which Etihad already has a 24 per cent stake, fell as much as 7.5 per cent to Rs271.75 ($3.83; Dh14.10) in their biggest intraday drop since early December, after CNBC-TV18 reported that Etihad had offered to pay Rs150 for each share of the Indian airline.
The report cited as its source a letter from Etihad’s CEO Tony Douglas to the State Bank of India, Jet’s biggest lender, about a restructuring plan for the Indian carrier.
#Qatar banks’ domestic credit offtake rises about 4% to QR861.15bn in Nov ’18
Qatar banks’ domestic credit offtake rises about 4% to QR861.15bn in Nov ’18:
A robust expansion in loans — especially to services, real estate and general trade — helped Doha’s commercial banks’ domestic credit offtake report about 4% year-on-year growth to QR861.15bn in November 2018, according to the Qatar Central Bank.
Of the QR861.15bn, the private sector received as much as QR531.9bn with bulk of them going towards real estate and consumption, and the remaining QR329.26bn to the public sector.
The services sector credit soared more than 46% to QR118bn, which accounted for about 14% of the total domestic credit during November previous year.
A robust expansion in loans — especially to services, real estate and general trade — helped Doha’s commercial banks’ domestic credit offtake report about 4% year-on-year growth to QR861.15bn in November 2018, according to the Qatar Central Bank.
Of the QR861.15bn, the private sector received as much as QR531.9bn with bulk of them going towards real estate and consumption, and the remaining QR329.26bn to the public sector.
The services sector credit soared more than 46% to QR118bn, which accounted for about 14% of the total domestic credit during November previous year.
#Qatar Islamic Bank Q4 profit rises 19 pct | Reuters
Qatar Islamic Bank Q4 profit rises 19 pct | Reuters:
Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, reported a 19 percent rise in fourth-quarter net profit, according to Reuters calculations, narrowly beating analysts’ forecasts.
It made a net profit of 750 million riyals ($206.0 million)during the three months to Dec. 31, compared with 630.2 million riyals in the same period a year earlier, Reuters calculated from financial statements in the absence of a quarterly earnings breakdown.
An average of three analysts polled forecast the bank would make a quarterly net profit of 682.2 million riyals, according to Refinitiv data.
Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, reported a 19 percent rise in fourth-quarter net profit, according to Reuters calculations, narrowly beating analysts’ forecasts.
It made a net profit of 750 million riyals ($206.0 million)during the three months to Dec. 31, compared with 630.2 million riyals in the same period a year earlier, Reuters calculated from financial statements in the absence of a quarterly earnings breakdown.
An average of three analysts polled forecast the bank would make a quarterly net profit of 682.2 million riyals, according to Refinitiv data.
Saudi's Samba bank 2018 profit up 10 percent, meets forecasts | Reuters
Saudi's Samba bank 2018 profit up 10 percent, meets forecasts | Reuters:
Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported a 10 percent rise in 2018 net profit on Wednesday, in line with analysts’ forecasts.
The bank made a profit of 5.53 billion riyals ($1.47 billion) for the year, up from 5.02 billion riyals in the same period a year earlier, it said in a bourse statement.
The average of eight analysts polled forecast the bank would make a net profit of 5.59 billion riyals, according to Refinitiv data.
Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported a 10 percent rise in 2018 net profit on Wednesday, in line with analysts’ forecasts.
The bank made a profit of 5.53 billion riyals ($1.47 billion) for the year, up from 5.02 billion riyals in the same period a year earlier, it said in a bourse statement.
The average of eight analysts polled forecast the bank would make a net profit of 5.59 billion riyals, according to Refinitiv data.
MIDEAST STOCKS-Banks elevate #Saudi, blue-chips lift Egypt | Reuters
MIDEAST STOCKS-Banks elevate Saudi, blue-chips lift Egypt | Reuters:
Saudi Arabia's stock market rose on Wednesday, boosted by its bank shares, while Egypt's index was lifted by its blue-chip stocks, mirroring a gain in emerging markets.
Saudi Arabia's index rose 0.7 percent with Banque Saudi Fransi rising 5.2 percent.
Riyad Bank continued to rise, adding 4.5 percent. The lender had picked Goldman Sachs to advise on its merger talks with National Commercial Bank (NCB), Reuters reported, citing sources familiar with the matter. NCB shed 0.4 percent.
Saudi Arabia's stock market rose on Wednesday, boosted by its bank shares, while Egypt's index was lifted by its blue-chip stocks, mirroring a gain in emerging markets.
Saudi Arabia's index rose 0.7 percent with Banque Saudi Fransi rising 5.2 percent.
Riyad Bank continued to rise, adding 4.5 percent. The lender had picked Goldman Sachs to advise on its merger talks with National Commercial Bank (NCB), Reuters reported, citing sources familiar with the matter. NCB shed 0.4 percent.
German Bank of #Qatar's Al-Thani Family Working on Takeovers - Bloomberg
German Bank of Qatar's Al-Thani Family Working on Takeovers - Bloomberg:
The German bank of Qatar’s Al-Thani family plans to double its assets under management over the next five years. Its strategy: acquisitions and hirings.
Merck Finck Privatbankiers AG is conducting "concrete" talks on acquisitions, Chief Executive Officer Matthias Schellenberg said in an interview. "With some takeover targets, we are already beyond the screening stage. You should expect to hear more from us in the coming months," said Schellenberg, who has led the lender for two years and previously served on the board of UBS Group AG’s German business.
Schellenberg declined to name any targets. Acquisitions would have to fit in with the strategy of the bank, which primarily serves private customers with assets starting at 1 million euros ($1.2 million), he said.
The German bank of Qatar’s Al-Thani family plans to double its assets under management over the next five years. Its strategy: acquisitions and hirings.
Merck Finck Privatbankiers AG is conducting "concrete" talks on acquisitions, Chief Executive Officer Matthias Schellenberg said in an interview. "With some takeover targets, we are already beyond the screening stage. You should expect to hear more from us in the coming months," said Schellenberg, who has led the lender for two years and previously served on the board of UBS Group AG’s German business.
Schellenberg declined to name any targets. Acquisitions would have to fit in with the strategy of the bank, which primarily serves private customers with assets starting at 1 million euros ($1.2 million), he said.
Data show US sanctions hitting #Iran’s oil exports hard | Financial Times
Data show US sanctions hitting Iran’s oil exports hard | Financial Times:
Data on Iran’s crude exports bear the scars of US sanctions on the oil producer, with December figures showing a fall to just 1.1m barrels a day — almost 60 per cent down from levels in the spring.
The volume of Iranian exports was one of the key focuses for oil traders in 2018, as the US moved to reimpose punishing economic measures on the Opec member. President Donald Trump reversed a deal which had sought to curb Iran’s nuclear enrichment programme in return for the re-opening of international oil markets, among other incentives.
The threat of reimposing sanctions supported prices for most of the year, as traders anticipated the new measures could lead to a severe shortfall of supplies in the market. However, when ultimately introduced in November they ended up triggering crude’s fourth quarter sell-off.
Data on Iran’s crude exports bear the scars of US sanctions on the oil producer, with December figures showing a fall to just 1.1m barrels a day — almost 60 per cent down from levels in the spring.
The volume of Iranian exports was one of the key focuses for oil traders in 2018, as the US moved to reimpose punishing economic measures on the Opec member. President Donald Trump reversed a deal which had sought to curb Iran’s nuclear enrichment programme in return for the re-opening of international oil markets, among other incentives.
The threat of reimposing sanctions supported prices for most of the year, as traders anticipated the new measures could lead to a severe shortfall of supplies in the market. However, when ultimately introduced in November they ended up triggering crude’s fourth quarter sell-off.
#Saudi Plot Set to Twist in Stock Market's Tale of Two Halves - Bloomberg
Saudi Plot Set to Twist in Stock Market's Tale of Two Halves - Bloomberg:
For Saudi equities, 2019 may be a story of two halves.
The kingdom’s stocks are set to rally in coming months as billions of dollars gush into the market on its inclusion in benchmarks for developing-nations. But that may give way to selling before Ramadan, the month of fasting which will begin in May, as concerns over reforms and oil move back to the forefront, according to Nomura Asset Management.
It will be “a positive first half and a potentially negative second half,” said Tarek Fadlallah, the chief executive officer of the Middle East unit of Tokyo-based Nomura Asset, which oversaw $485 billion globally as of end-September.
For Saudi equities, 2019 may be a story of two halves.
The kingdom’s stocks are set to rally in coming months as billions of dollars gush into the market on its inclusion in benchmarks for developing-nations. But that may give way to selling before Ramadan, the month of fasting which will begin in May, as concerns over reforms and oil move back to the forefront, according to Nomura Asset Management.
It will be “a positive first half and a potentially negative second half,” said Tarek Fadlallah, the chief executive officer of the Middle East unit of Tokyo-based Nomura Asset, which oversaw $485 billion globally as of end-September.
Property Slump to Weigh on #UAE Banks as Bad Loans Set to Rise - Bloomberg
Property Slump to Weigh on U.A.E. Banks as Bad Loans Set to Rise - Bloomberg:
Lenders in the United Arab Emirates will come under pressure this year as a property and retail slump take its toll.
One of the country’s smallest banks is being bailed out, problem loans are expected to rise this year and lenders are exploring mergers to stay competitive. Slow property sales, higher interest rates and a rise in lending amid improved economic growth could mean provisions jump as much as a quarter, according to analysts.
“We don’t expect a meaningful pickup in economic growth this year so we wouldn’t be surprised to see a deterioration in credit quality due to the SME and commercial segments,” said Shabbir Malik, a Dubai-based analyst at EFG-Hermes Holding SAE. “Recoveries from legacy loans, especially at Dubai banks, were high last year and these are likely to fade this year.”
Lenders in the United Arab Emirates will come under pressure this year as a property and retail slump take its toll.
One of the country’s smallest banks is being bailed out, problem loans are expected to rise this year and lenders are exploring mergers to stay competitive. Slow property sales, higher interest rates and a rise in lending amid improved economic growth could mean provisions jump as much as a quarter, according to analysts.
“We don’t expect a meaningful pickup in economic growth this year so we wouldn’t be surprised to see a deterioration in credit quality due to the SME and commercial segments,” said Shabbir Malik, a Dubai-based analyst at EFG-Hermes Holding SAE. “Recoveries from legacy loans, especially at Dubai banks, were high last year and these are likely to fade this year.”
GCC Equities Review: #Saudi market ends higher in a turbulent year | ZAWYA MENA Edition
GCC Equities Review: Saudi market ends higher in a turbulent year | ZAWYA MENA Edition:
Saudi Arabia's stock market put in a creditable performance in 2018, finishing the year 8.4 percent higher, which is a considerable outperformance of both the MSCI World market (down 10.4 percent) and MSCI Emerging Market (down 16.6 percent) indices.
Yet the total value of stocks traded in the market during the year actually declined by 16.2 percent to $185.6 billion, according to data from KAMCO Research, and although it ended the year with over $1 billion more of foreign capital invested, this was after a tumultuous fourth quarter when $1.89 billion of capital flowed from the kingdom's markets following the international backlash resulting from the murder of journalist Jamal Khashoggi in a Saudi consulate in Istanbul in early October.
Foreigners had piled into Saudi markets earlier in the year on the back of announcements by index compilers FTSE Russell (in March), MSCI (in June) and S&P Dow Jones (in July) that the kingdom's stock market would be upgraded to their respective emerging market indices in 2019.
Saudi Arabia's stock market put in a creditable performance in 2018, finishing the year 8.4 percent higher, which is a considerable outperformance of both the MSCI World market (down 10.4 percent) and MSCI Emerging Market (down 16.6 percent) indices.
Yet the total value of stocks traded in the market during the year actually declined by 16.2 percent to $185.6 billion, according to data from KAMCO Research, and although it ended the year with over $1 billion more of foreign capital invested, this was after a tumultuous fourth quarter when $1.89 billion of capital flowed from the kingdom's markets following the international backlash resulting from the murder of journalist Jamal Khashoggi in a Saudi consulate in Istanbul in early October.
Foreigners had piled into Saudi markets earlier in the year on the back of announcements by index compilers FTSE Russell (in March), MSCI (in June) and S&P Dow Jones (in July) that the kingdom's stock market would be upgraded to their respective emerging market indices in 2019.
GCC Equities Review: #Qatar the star but can momentum be sustained? | ZAWYA MENA Edition
GCC Equities Review: Qatar the star but can momentum be sustained? | ZAWYA MENA Edition:
There were several factors behind Qatar's outperformance of other regional markets last year, but the huge inflow of capital from foreign buyers - around $2.3 billion, according to Dubai's Al Mal Capital, more than twice the amount that flowed into Saudi Arabia - clearly played a key role.
Some of these inflows were the result of technical factors, Akber Khan, senior director of asset management at Doha-based Al Rayan Investment explained, but part of it was merely due to the fact there had been a substantial sell-off in Qatar equities in the prior year following the imposition of a blockade on the country by four of its neighbours - Bahrain, Egypt, Saudi Arabia and the United Arab Emirates.
“When the market’s coming off a year down 18 percent, which is what happened in 2017, you would expect a bit of a relief, or some stabilisation in the following year," Khan told Zawya in a telephone interview last week.
There were several factors behind Qatar's outperformance of other regional markets last year, but the huge inflow of capital from foreign buyers - around $2.3 billion, according to Dubai's Al Mal Capital, more than twice the amount that flowed into Saudi Arabia - clearly played a key role.
Some of these inflows were the result of technical factors, Akber Khan, senior director of asset management at Doha-based Al Rayan Investment explained, but part of it was merely due to the fact there had been a substantial sell-off in Qatar equities in the prior year following the imposition of a blockade on the country by four of its neighbours - Bahrain, Egypt, Saudi Arabia and the United Arab Emirates.
“When the market’s coming off a year down 18 percent, which is what happened in 2017, you would expect a bit of a relief, or some stabilisation in the following year," Khan told Zawya in a telephone interview last week.
GCC Equities Review: Valuation gains made in 2018 but trading volumes remain thin | ZAWYA MENA Edition
GCC Equities Review: Valuation gains made in 2018 but trading volumes remain thin | ZAWYA MENA Edition:
Gulf markets did not escape some of the turmoil experienced across the emerging market equity space last year, but there were specific factors driving investor sentiment within each country, leading to a huge divergence in performance.
For instance, the Qatar Exchange not only posted the best performance in the region, but was one of the best performing stock markets in the world in 2018, outranked only by a recovering market in the Ukraine and by Macedonia.
The Qatar market finished 20.8 percent higher in 2018, substantially outperforming emerging MSCI's Emerging Markets Index (down 16.6 percent in 2018) and the MSCI World Index (down 10.4 percent). Indeed, gains made by markets in Qatar, Abu Dhabi, Kuwait and Saudi Arabia led to the MSCI GCC index gaining 12.4 percent in value during the year, bringing the total capitalisation of its markets to just over $1 trillion – the first time GCC combined market caps reached $1 trillion since 2014, according to KAMCO Research data.
Gulf markets did not escape some of the turmoil experienced across the emerging market equity space last year, but there were specific factors driving investor sentiment within each country, leading to a huge divergence in performance.
For instance, the Qatar Exchange not only posted the best performance in the region, but was one of the best performing stock markets in the world in 2018, outranked only by a recovering market in the Ukraine and by Macedonia.
The Qatar market finished 20.8 percent higher in 2018, substantially outperforming emerging MSCI's Emerging Markets Index (down 16.6 percent in 2018) and the MSCI World Index (down 10.4 percent). Indeed, gains made by markets in Qatar, Abu Dhabi, Kuwait and Saudi Arabia led to the MSCI GCC index gaining 12.4 percent in value during the year, bringing the total capitalisation of its markets to just over $1 trillion – the first time GCC combined market caps reached $1 trillion since 2014, according to KAMCO Research data.
GCC Equities Review: #AbuDhabi ascends despite dramatic #Dubai downfall | ZAWYA MENA Edition
GCC Equities Review: Abu Dhabi ascends despite dramatic Dubai downfall | ZAWYA MENA Edition:
Investing in two stock markets in the same country would not usually be considered a way of diversifying assets, but investors who had stakes in both of the United Arab Emirates’ main equities exchanges last year will have noted that that there was little in the way of correlation between them.
The Abu Dhabi market index finished the year 10.7 percent higher but, as the head of research at Menacorp, Issam Kassabieh, pointed out, its performance is swayed largely by its two biggest stocks - First Abu Dhabi Bank and Etisalat, which comprised almost 62 percent of the market's total capitalisation of almost $499 billion at close on January 15.
Although the value of Etisalat's stock fell slightly (around 3 percent) last year, First Abu Dhabi Bank was the market's third-best performer - its shares were up 34.9 percent, beaten only by insurance firm Watania (up 37.8 percent) and Abu Dhabi National Energy Co, Taqa, whose shares increased in value by 96.4 percent last year on the back of higher oil prices.
Investing in two stock markets in the same country would not usually be considered a way of diversifying assets, but investors who had stakes in both of the United Arab Emirates’ main equities exchanges last year will have noted that that there was little in the way of correlation between them.
The Abu Dhabi market index finished the year 10.7 percent higher but, as the head of research at Menacorp, Issam Kassabieh, pointed out, its performance is swayed largely by its two biggest stocks - First Abu Dhabi Bank and Etisalat, which comprised almost 62 percent of the market's total capitalisation of almost $499 billion at close on January 15.
Although the value of Etisalat's stock fell slightly (around 3 percent) last year, First Abu Dhabi Bank was the market's third-best performer - its shares were up 34.9 percent, beaten only by insurance firm Watania (up 37.8 percent) and Abu Dhabi National Energy Co, Taqa, whose shares increased in value by 96.4 percent last year on the back of higher oil prices.
Oil firm as supply cuts point to tighter market despite weakening economy | Reuters
Oil firm as supply cuts point to tighter market despite weakening economy | Reuters:
Oil prices firmed on Wednesday after climbing about 3 percent in the previous session as expectations that OPEC-led supply cuts will tighten markets despite signs of a global economic slowdown.
Brent crude oil futures LCOc1 were at $60.83 per barrel at 0748 GMT, 19 cents, or 0.3 percent above their last close.
West Texas Intermediate (WTI) crude futures CLc1 were up 10 cents, or 0.2 percent, at $52.21 a barrel.
Oil prices firmed on Wednesday after climbing about 3 percent in the previous session as expectations that OPEC-led supply cuts will tighten markets despite signs of a global economic slowdown.
Brent crude oil futures LCOc1 were at $60.83 per barrel at 0748 GMT, 19 cents, or 0.3 percent above their last close.
West Texas Intermediate (WTI) crude futures CLc1 were up 10 cents, or 0.2 percent, at $52.21 a barrel.
Loan growth, higher margins boost Emirates NBD Q4 net profit | Reuters
Loan growth, higher margins boost Emirates NBD Q4 net profit | Reuters:
Emirates NBD, Dubai’s largest bank, on Wednesday reported a 10 percent rise in fourth-quarter net profit as loan growth and improved margins offset lower income from investment securities and higher expenses.
The bank, the first United Arab Emirates lender to report quarterly results, made a net profit of 2.39 billion dirhams ($650.7 million) in the three months ended Dec. 31, 2018, compared with 2.18 billion dirhams in the year-ago period.
EFG Hermes forecast a net profit of 2.33 billion dirhams, while SICO had expected the lender to post a profit of 2.51 billion dirhams.
Emirates NBD, Dubai’s largest bank, on Wednesday reported a 10 percent rise in fourth-quarter net profit as loan growth and improved margins offset lower income from investment securities and higher expenses.
The bank, the first United Arab Emirates lender to report quarterly results, made a net profit of 2.39 billion dirhams ($650.7 million) in the three months ended Dec. 31, 2018, compared with 2.18 billion dirhams in the year-ago period.
EFG Hermes forecast a net profit of 2.33 billion dirhams, while SICO had expected the lender to post a profit of 2.51 billion dirhams.
MIDEAST STOCKS-Banks lift #Saudi, Emirates NBD aids #Dubai | Reuters
MIDEAST STOCKS-Banks lift Saudi, Emirates NBD aids Dubai | Reuters:
Saudi Arabia’s stock market rose on Wednesday, boosted by its banks and petrochemical stocks, while Dubai was lifted by a rise in its largest lender Emirates NBD after it reported strong fourth-quarter earnings.
Saudi Arabia’s index rose 0.9 percent with top petrochemical producer Saudi Basic Industries adding 1.2 percent and Al Rajhi Bank increasing 0.5 percent.
The Saudi market, which will become part of the MSCI emerging market benchmark this year, has started the year on a positive note, up 7.6 percent year-to-date.
Saudi Arabia’s stock market rose on Wednesday, boosted by its banks and petrochemical stocks, while Dubai was lifted by a rise in its largest lender Emirates NBD after it reported strong fourth-quarter earnings.
Saudi Arabia’s index rose 0.9 percent with top petrochemical producer Saudi Basic Industries adding 1.2 percent and Al Rajhi Bank increasing 0.5 percent.
The Saudi market, which will become part of the MSCI emerging market benchmark this year, has started the year on a positive note, up 7.6 percent year-to-date.
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