Samba Financial Group News
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Arqaam Capital said it “strongly” reiterated its “buy” recommendation on Samba Financial Group and that the lender is it’s top Saudi Arabian bank pick.
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Saudi Arabia’s benchmark stock index snapped a two-day advance, led by petrochemicals and banks.
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Samba Financial Group, Saudi Arabia’s second-biggest bank by market value, said third-quarter profit fell to 1.1 billion riyals from 1.21 billion riyals in the year-earlier period as commission income dropped. The bank made the announcement in a statement on the Saudi bourse website today.
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Samba Financial Group, Saudi Arabia’s second-largest lender by market value, reduced the money it had set aside to cover bad loans by 80 percent in the second quarter.
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Saudi Arabia’s King Abdullah is paying the price for his own generosity as past land giveaways undermine his plans to build half a million homes and open up the country’s mortgage market.
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The DFM General Index retreated 2 percent, the most since March 14, to 1,546.65 at the 2 p.m. close in Dubai. Qatar’s QE Index lost 1.9 percent and Saudi Arabia’s Tadawul All Share Index declined 0.7 percent.
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Saudi Arabian shares rose the most in a week on expectations the government’s record budget expenditure for 2013 will support economic growth.
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The following is a selection of the most important news affecting the oil market.
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Saudi Arabian shares rose to the highest level in more than 3 1/2 years as a positive outlook for earnings and oil prices lifted banks and petrochemical companies.
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The following is a selection of the most important news affecting the oil market.
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