National Commercial Bank, Saudi Arabia's biggest lender by assets, reported a slightly higher net profit for 2020 despite having to make more provisions for potential bad debts.
The lender, which is in the midst of a merger with Samba Financial Group, reported a net profit of 11.44 billion Saudi riyals ($3.05bn), up from 11.40bn riyals in 2019.
This is despite total income falling almost 8 per cent to 19.44bn riyals.
Higher net profit was "derived from higher total operating income, partially offset by higher total operating expenses, including impairments", the lender said in a statement on Tuesday to Saudi Arabia's Tadawul exchange, where its shares trade.
"Total operating income increased by 4.3 per cent mainly due to the increase in net special commission income, fees from banking services and foreign exchange income [and] higher investment-related income," it added.
Impairments for expected credit losses rose to 1.95bn riyals, up 37 per cent on the prior year.
NCB's assets increased 18 per cent to 599.4bn riyals by year-end, as its loan book grew 23 per cent to 346.7bn riyals. Customer deposits also increased by almost 18 per cent to 416.4bn riyals.
The lender said earlier this month that it plans to change its name to Saudi National Bank once its merger with Samba Financial Group concludes.
The deal was given the green light by the Saudi Central Bank on February 1, and the kingdom's Capital Market Authority on Monday approved an application for the lender to increase its share capital to enable the merger.
Upon completion, the combined entity will have a market share of about 25 per cent, with a network of more than 500 branches.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
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