Saudi British Bank (Sabb), the kingdom's sixth-largest bank by assets, reported an 8.8 per cent rise in third-quarter net profit on Wednesday, meeting analysts' forecasts.
The bank, an affiliate of HSBC, said it made 1.08 billion Saudi riyals (Dh1.05bn) in the three months ending Septared 30, compared with 995 million riyals in the same period a year earlier, according to a bourse filing.
Sabb is in merger talks with local peer Alawwal Bank, with the central bank governor Ahmed Al Kholifey telling Al Arabiya television on October 15 that the situation regarding the possible merger would be clear by the end of this year.
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The bank attributed its rise in net profit to a 4.6 per cent increase in operating income, propelled by higher net special commission income, gains on non-trading investments and dividend income, in addition to lower provisions for credit losses.
After contending with lower state and consumer spending as a result of reduced oil prices, Saudi banks are expected to benefit as the government loosens austerity measures, helping accelerate credit growth.
Saudi bank results so far have generally been in line with or better than expectations, with the two largest lenders, National Commercial Bank and Al Rajhi Bank reporting profit growth of 8.4 and 12.7 per cent, respectively.
Loans and advances at the end of September stood at 116.7bn riyals, falling 7.3 per cent on the same point of 2016, while deposits dropped 6.6 per cent to 134.6bn riyals over the same period.
Company%20Profile
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Company%20Profile
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
COMPANY%20PROFILE
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The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
Company%20profile
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COMPANY%20PROFILE%20
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The%20Roundup
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