Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported an 8.3 per cent rise in third-quarter profit as special commissions and other operating income increased.
Net income rose to 1.42 billion Saudi riyals (Dh1.39bn) in the three-month period ending September 30 from 1.3bn riyals in the year-earlier period, the bank said in a statement to the Saudi Tadawul stock exchange on Thursday. It matched the average of three analysts' profit estimates of 1.42bn riyals, according to Bloomberg data. Operating income rose to 2.11bn riyals.
Net income rose mainly due to an increase in net special commission income by 9.8 per cent and a 4.4 per cent increase in operating income, Samba said in the bourse filing.
Samba is one of the first major banks in Saudi Arabia to report third-quarter financial results. The recovery of oil prices, which have breached the $80 a barrel mark after three-year lows, is helping stimulate economic growth in Arabian Gulf countries. That's aiding banks that had felt the pinch from weaker oil prices as governments in the region took measures to reduce fiscal deficits.
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Loans and advances dropped 5 per cent to 114.7bn riyals in the third quarter from the same period a year ago. Customer deposits rose 1.75 per cent to 169.6bn riyals.
Analysts including Moody’s expect the operating conditions in Saudi and the wider Gulf to improve and credit growth to return as governments in the region shift focus from austerity to spending amid the rise in oil prices.
General Classification
1. Elisa Longo Borghini (ITA) Trek-Segafredo
2. Gaia Realini (ITA) Trek-Segafredo 7 secs
3. Silvia Persico (ITA) UAE Team ADQ 1 min 18 secs
Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
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WHAT MACRO FACTORS ARE IMPACTING META TECH MARKETS?
• Looming global slowdown and recession in key economies
• Russia-Ukraine war
• Interest rate hikes and the rising cost of debt servicing
• Oil price volatility
• Persisting inflationary pressures
• Exchange rate fluctuations
• Shortage of labour/skills
• A resurgence of Covid?
