Saudi National Bank, the largest lender in Saudi Arabia by assets, reported a nearly 12 per cent increase in its net profit for the first quarter of 2023, driven by higher operating income, as the kingdom's economy continues to post strong growth.
Net profit for the three months to the end of March reached five billion Saudi riyals ($1.33 billion), from 4.5 billion riyals in the same period last year, the lender said in a filing on Monday to the Tadawul Stock Exchange, where its shares are traded.
Total operating income improved by eight per cent to 8.7 billion riyals, driven by an increase in net income from special commissions and financing, and investments driven by margin and balance sheet expansion, SNB said.
Reflecting on the impact on its first-quarter earnings from SNB’s investment in Credit Suisse from the merger with UBS, the Saudi Arabian lender said its shareholding in Credit Suisse of 9.88 per cent will “convert into a shareholding in UBS of approximately 0.5 per cent upon completion of the merger”.
SNB had acquired a 9.88 per cent stake in Credit Suisse in October 2022 for 5.5 billion riyals as a financial investment allocation within the Saudi bank's investments portfolio.
As of December 31, SNB’s investment in the Swiss lender had declined by approximately 20 per cent, with a further drop recorded in the January to March period.
“The financial impact on SNB’s balance sheet was a decline in the Credit Suisse investment carrying value by approximately 70 per cent during the first quarter (the carrying value of the Credit Suisse investment as at March 31, 2023 was 1.3 billion riyals),” it said.
However, SNB last month said its growth plans and profitability were unaffected by the lower valuation of its investment in Credit Suisse.
The disclosure followed UBS’s announcement on March 20 to buy Credit Suisse in an all-share deal for $3.2 billion as part of a state-backed rescue deal.
Also last month, SNB appointed Saeed Al Ghamdi as its new chairman, following the resignation of Ammar Al Khudairy due to “personal reasons”.
Total operating expenses before provisions for credit and other losses were stable at 2.4 billion riyals in the first three months of this year. Hence, cost-to-income ratio improved year-on-year, SNB said.
The lender’s overall balance sheet expanded by 3 per cent in the first quarter, compared to December 31.
This was mainly driven by a 4 per cent growth in financing, 3 per cent growth in retail principally from 4 per cent mortgages growth and 4 per cent wholesale financing growth, it said.
The bank has also “maintained healthy capitalisation levels and a strong liquidity position”, it said.
However, SNB’s net impairment charge for expected credit losses increased by 28 per cent annually to 493 million riyals for the January to March period.
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Britain's travel restrictions
- A negative test 2 days before flying
- Complete passenger locator form
- Book a post-arrival PCR test
- Double-vaccinated must self-isolate
- 11 countries on red list quarantine
Results
2pm: Maiden (PA) Dh 40,000 (Dirt) 1,200m, Winner: AF Thayer, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
2.30pm: Maiden (PA) Dh 40,000 (D) 1,200m, Winner: AF Sahwa, Nathan Crosse, Mohamed Ramadan.
3pm: Handicap (PA) Dh 40,000 (D) 1,000m, Winner: AF Thobor, Szczepan Mazur, Ernst Oertel.
3.30pm: Handicap (PA) Dh 40,000 (D) 2,000m, Winner: AF Mezmar, Szczepan Mazur, Ernst Oertel.
4pm: Sheikh Hamdan bin Rashid Al Maktoum Cup presented by Longines (TB) Dh 200,000 (D) 1,700m, Winner: Galvanize, Nathan Cross, Doug Watson.
4.30pm: Handicap (PA) Dh 40,000 (D) 1,700m, Winner: Ajaj, Bernardo Pinheiro, Mohamed Daggash.
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
2021 World Triathlon Championship Series
May 15: Yokohama, Japan
June 5: Leeds, UK
June 24: Montreal, Canada
July 10: Hamburg, Germany
Aug 17-22: Edmonton, Canada (World Triathlon Championship Final)
Nov 5-6 : Abu Dhabi, UAE
Date TBC: Chengdu, China
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
