Saudi top 10 banks see robust growth in financing and deposits

Saudi top 10 banks see robust growth in financing and deposits
Al Rajhi Bank is one of the Kingdom's top 10 banks
Short Url
Updated 20 September 2021

Saudi top 10 banks see robust growth in financing and deposits

Saudi top 10 banks see robust growth in financing and deposits

RIYADH: Saudi Arabia's top 10 banks saw robust quarter-on-quarter growth in financing and deposits in the second quarter of 2021, Zawya reported, citing management consulting firm Alvarez & Marsal (A&M)'s KSA Banking Pulse.

Core operating income increased by 8.4 percent, compared to 1.2 percent in the first quarter of the year, in what is considered the fourth increase in a row, while loans and advances (L&A) increased by 13.1 percent and deposits by 12.6 percent.

L&A and deposit growth were primarily supported by the merger of National Commercial Bank and SAMBA to form Saudi National Bank (SNB), according to the report.

Operating expenses rose by 13.7 percent quarter-on-quarter and impairments jumped by 81.6 percent, affecting the second quarter's overall operating efficiency for the banking sector. This affected net profit for the top ten banks in the Kingdom.

Aggregate net income decreased over the same period by 8.1 percent to SR11 billion ($2.93 billion), while the fall in net profit was partially offset by a 11.1 percent increase in net interest income.

The top 10 banks in the report are SNB, Al Rajhi Bank, Riyad Bank , Saudi British Bank, Banque Saudi Fransi, Arab National Bank, Alinma Bank, Bank Albilad, Saudi Investment Bank and Bank Aljazira.


Saudi telecom giant 'stc' reports 3.5% jump in net profit in 9 months

Saudi telecom giant 'stc' reports 3.5% jump in net profit in 9 months
Updated 10 sec ago

Saudi telecom giant 'stc' reports 3.5% jump in net profit in 9 months

Saudi telecom giant 'stc' reports 3.5% jump in net profit in 9 months

RIYADH: Saudi telecom giant 'stc" said its net profit for the first nine months of 2021 increased by SR295 million or 3.5 percent to SR8.7 billion compared to a year ago.

The company said in a filing that this was the result of the increase in revenues by SR3.6 billion and a decrease in operating expenses by SR627 million due to the decrease in general and administration expenses and selling and marketing expenses.


Nigeria to launch digital currency on Monday, central bank says

Nigeria to launch digital currency on Monday, central bank says
Getty Images
Updated 4 min 25 sec ago

Nigeria to launch digital currency on Monday, central bank says

Nigeria to launch digital currency on Monday, central bank says
  • Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the eNaira would operate as a wallet

Nigeria will on Monday launch a digital currency, the eNaira, the central bank said, months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account.


"The eNaira therefore marks a major step forward in the evolution of money and the CBN is committed in ensuring that the eNaira, like the physical Naira, is accessible by everyone," the bank said in a statement.


Nigeria has named Barbados-based Bitt Inc as a technical partner in developing the eNaira. 


Saudi Arabia plans to be world’s biggest hydrogen producer

Saudi Arabia plans to be world’s biggest hydrogen producer
Updated 7 min 3 sec ago

Saudi Arabia plans to be world’s biggest hydrogen producer

Saudi Arabia plans to be world’s biggest hydrogen producer

DUBAI: Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud said the Kingdom has plans to be the biggest producer of hydrogen in the world.

The comments were made at the Youth Green Summit in Riyadh, which is part of the Saudi Green Initiative.


QatarEnergy signs deal with ExxonMobil Canada on farm-in exploration license

QatarEnergy signs deal with ExxonMobil Canada on farm-in exploration license
Getty Images
Updated 24 October 2021

QatarEnergy signs deal with ExxonMobil Canada on farm-in exploration license

QatarEnergy signs deal with ExxonMobil Canada on farm-in exploration license
  • The Hampden exploration well activities are planned in deep water, 450 km off the coast of Newfoundland and Labrador

QatarEnergy has signed a deal for a 40 percent stake in one of ExxonMobil’s major offshore explorations in Canada, the Qatar state-owned oil and gas firm said on Sunday.


The deal marks QatarEnergy’s first foray into offshore exploration in Canada, the company said in a statement.


The agreement will give QatarEnergy a farm-in exploration license for EL 1165A, currently held by ExxonMobil Canada.


The Hampden exploration well activities are planned in deep water, 450 km off the coast of Newfoundland and Labrador. ExxonMobil Canada will retain the remaining interest in the exploration.


Over the past two years, Qatar Energy has expanded internationally, gaining stakes in oil and gas projects around the world by signing deals with major energy companies, including ExxonMobil.


Qatar is the world's largest supplier of liquefied natural gas and aims to expand production to 127 million tonnes annually by 2027 from the current 77 million tonnes.


Gazprom could cut gas to Moldova if contract not signed

Gazprom could cut gas to Moldova if contract not signed
Image: Shutterstock
Updated 24 October 2021

Gazprom could cut gas to Moldova if contract not signed

Gazprom could cut gas to Moldova if contract not signed
  • Moldova's contract with Gazprom ran out in September

Moscow's Gazprom could cut Moldova's gas supply if the country does not settle its bill and sign a new contract, the energy giant's top official was quoted by Russia's Interfax news agency as saying.


Moldova declared a 30-day state of emergency on Friday in an effort to secure the ex-Soviet country cheaper natural gas from Europe after Moscow - its traditional supplier - raised prices.


Gazprom's Sergei Kupriyanov said Chisinau owed the company $709 million (610 million euros).


Moldova's contract with Gazprom ran out in September, but Kupriyanov said the pair were able to "meet half way" and extend a contract for October.


"If payment for gas supplies is not fully paid and a contract is not signed from December, then Gazprom will halt gas supplies to Moldova," he told Interfax.


The country of 2.6 million people wedged between Romania and Ukraine gets gas from Russia via its pro-Russian separatist region of Transnistria and Ukraine.


Gazprom this month hiked prices more than 40 percent to $790 per thousand cubic metres from $550 - a level Deputy Prime Minister Andrei Spinu said was "not justified and not realistic" for Europe's poorest country.


Despite the contract being extended, Moldovan Prime Minster Natalia Gavrilita said on Friday the country was receiving a third less natural gas than usual for October.


"We face a critical situation," she said.


She told parliament Moldova would be seeking supplies from EU countries and thanked Romania and Ukraine for already providing some gas.


The month-long state of emergency, which will last until November 20, gives Moldovan utility company Energocom the powers to secure gas from other countries.


The country's gas shortages come amid skyrocketing gas prices that some in Europe have blamed on Moscow not providing additional supplies to put pressure on the continent.