SPIMACO obtains $239.44mln loans from SABB, Al Rajhi Bank
Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) secured two loans worth SAR 900 million with Saudi British Bank (SABB) and Al Rajhi Bank on 28 December 2022. The two facilities are guaranteed by promissory notes with the total value of the loans in favour of the lenders, according to bourse disclosures. SABB SPIMACO inked […]
Saudi: SABB partners with Cybersource for eCommerce space
Saudi British Bank (SABB) has announced a strategic partnership with Visa’s Cybersource payment gateway and risk platform, with the aim of fostering the bank’s growth in an evolving and dynamic eCommerce space. This partnership will enhance the overall capabilities of SABB’s Payment Gateway and, most importantly, enhance network uptime, which will also supplement the bank’s […]
Standard Chartered Bank appoints CEO for Saudi unit
Standard Chartered Bank has appointed Mazen Fahad Al Bunyan as Chief Executive Officer, Standard Chartered Bank Saudi Arabia, effective November 2022. Prior to joining Standard Chartered Bank, Al Bunyan was the CEO of Alawwal Invest Company, the investment subsidiary of The Saudi British Bank (SABB/HSBC) based in Riyadh, where he led the integration of Alawwal […]
Saudi National Bank not concerned about Credit Suisse’s governance
Saudi National Bank (SNB) said on Friday it had not come across any information that might raise concerns over the governance of Credit Suisse and was supportive of the transformation plan announced by the bank on Oct. 27. The comments came in response to concern from two other investors over the Swiss bank’s […]
Saudi bank lending could take a hit in 2023 without liquidity support
Saudi banks are likely to require further central bank liquidity injections after interbank spreads rose sharply in October and as lending growth continues to outpace deposit growth, Fitch Ratings said in a new report. Sector loans increased by 12.5% in nine-month 2022, compared with 8% for deposits, loans/deposits ratio (LDR) for Saudi banks collectively to […]
Arab Bank’s profit for first 9 months up nearly 50% on higher interest, loans
Arab Bank Group’s profits have jumped by nearly 50% on the back of higher interest and commission income, as well as loans and deposits. The bank’s net income after tax reached $405.8 million for the first nine months of the year, up by 49% from the $271.7 million recorded in the same period last year. […]
Arab Bank Group profits up 49% to $405.8mln
Arab Bank Group delivered strong financial performance in the first nine months of this year, reporting a net income after tax of $405.8 million as compared to $271.7 million for the same period last year, an increase of 49%. The group’s core banking activities kept up the momentum in most areas of operations […]
Bank Aljazira’s profits hit $230.66mln in 9M-22 interim results
Bank Aljazira generated SAR 865.30 million in net profit during the first nine months (9M) of 2022, an annual jump of 11.32% from SAR 777.30 million. The earnings per share (EPS) increased to SAR 1.01 in 9M-22, versus SAR 0.92 during the same period a year earlier, according to the initial financial results. […]
Saudi’s SAMA: POS operations valued at $2.73bln in a week
The Saudi Central Bank (SAMA) revealed that the value of sales through point-of-sale (POS) operations in Saudi Arabia amounted to about SR10.27 billion during the week that ended on October 15. According to the weekly POS operations report of SAMA, the number of executed POS operations during the week from Oct. 8 to […]
Saudi National Bank’s third-quarter profit up 18.7%
Saudi National Bank, the kingdom’s biggest lender, said on Sunday its net profit in the third quarter rose 18.7% from the same period year before on higher operating income and lower net impairments for expected credit losses. SNB posted net profit of 4.725 billion riyals ($1.26 billion) in the quarter, up from 3.98 billion riyals […]