Al Rajhi Bank third-quarter profit up 13%

Al Rajhi has now posted profit growth for eight straight quarters. (Courtesy Al Rajhi Bank)
Updated 22 October 2017
0

Al Rajhi Bank third-quarter profit up 13%

DUBAI: Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 12.7 percent rise in third-quarter net profit on Sunday, in line with analysts’ forecasts.
The bank made 2.27 billion riyals in the three months to September 30, up from 2.01 billion riyals in the same period a year earlier, it said in a bourse statement.
Four analysts surveyed by Reuters had on average forecast quarterly profit would be 2.21 billion riyals.
Al Rajhi has now posted profit growth for eight straight quarters.
It attributed the latest performance to a 4 percent rise in income from financing and investments and a 2.2 percent climb in fees from banking services.
Total operating expenses fell by 8.4 percent as impairment charges for financing and salaries dropped.
Loans and advances at the end of September stood at 233.2 billion riyals, up 3.2 percent on the same point of 2016, while deposits dipped 1 percent to 270.1 billion riyals over the same period.
Despite tepid economic conditions, analysts expect Saudi banks to benefit from an improvement in liquidity and credit growth in the coming quarters after the government cleared much of the outstanding payments owed to the private sector.


Scottish government wins fracking case against energy giant Ineos

Updated 19 June 2018
0

Scottish government wins fracking case against energy giant Ineos

  • The devolved government said a moratorium on fracking was in place
  • neos had argued that the ban was imposed unlawfully

EDINBURGH: Scotland’s highest court has ruled in favor of a government ban on fracking which had been challenged by energy giant Ineos, the Scottish government said on Tuesday.
“This decision vindicates the extensive process of research and consultation which the Scottish government has undertaken since 2015,” Scottish business minister Paul Wheelhouse said in a statement. “Our preferred position is not to support unconventional oil and gas extraction in Scotland (fracking), and that position remains unchanged.”
The devolved government said a moratorium on fracking — gas extraction via hydraulic fracturing of the ground — was in place. That meant no local authority could grant planning permission until an impact assessment process had been carried out.
Ineos had argued that the ban was imposed unlawfully, and that it contradicted evidence that shale gas could be produced safely by unconventional methods.
Scotland decided to outlaw fracking in October after a public consultation found overwhelming opposition to it.