RIYADH: The aggregate net profit of Saudi Arabia’s top 10 banks increased by 9.3 percent to SR16.5 billion ($4.39 billion) in the third quarter of 2022, compared to the previous three months, as rising interest income boosted their performance, an analysis done by professional services firm Alvarez & Marsal showed. Ten of the largest listed banks it analyzed include Saudi
RIYADH: The Saudi Investment Bank, or SAIB, saw its profit rise to SR1.2 billion ($319 million), buoyed by higher operating income in the first nine months of 2022. This represents a 49 percent leap from SR776 million in the same period a year ago, according to a bourse filing. Following the announcement, its stock prices soared 2.44 percent to start the day at SR18.50, as of
RIYADH: Saudi Arabia’s main index fell for the third consecutive day, weighed down by a decline in Saudi National Bank, a dominant player in the Saudi stock market. The Tadawul All Share Index fell 0.76 percent to end at 11,709, while the parallel market Nomu gained 0.68 percent to finish at 19,849. Saudi National Bank, the Kingdom’s largest lender, shed 6.27 percent, after it
RIYADH: Saudi Arabia’s main index dropped below 11,000 points for the first time in nearly nine months thanks to falling oil prices and global recession fears. The Tadawul All Share Index dipped 2.26 percent at the end of Monday’s trade, reaching 10,909 for the first time since Dec. 12, while the parallel market Nomu shed 0.84 percent to 19,708. The UAE’s indexes tumbled in
RIYADH: Saudi Arabia’s top 10 banks have posted solid profit growth in the second quarter of 2022, driven by high crude prices and rising interest rates. The total quarterly profit of the 10 banks rose 2.7 percent in the second quarter of this year. They saw a 3.8 percent increase in operational income, according to consulting firm Alvarez and Marsal’s latest Saudi Arabia