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Saudi's Al Rajhi Bank Q1 earnings slip again on provisions DUBAI: Al Rajhi Bank reported a slump in net profit for the first three months of 2014 on Sunday, marking the second quarter in a row that Saudi Arabia's largest listed lender has posted a big decline in earnings.The bank made 1.71 billion riyals ($456 million) in the three months to March 31, down 16.9 percent from 2.05 billion riyals in the same period a year earlier, it said in a bourse filing.Analysts surveyed by Reuters had expected the bank to post an average net profit of 2.05 billion riyals for the quarter. Al Rajhi said in Sunday's statement that the profit drop was due to an increase in operating expenses; it did not elaborate. Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later. An increase in operating expenses is usually interpreted by analysts to mean higher provisioning for bad loans.Naveed Ahmed, ...

Bank of Canada names Carolyn Wilkins senior deputy governor TORONTO: The Bank of Canada named Carolyn Wilkins as its senior deputy governor on Friday, promoting an insider with strong financial markets expertise and credibility with Bay Street bankers as the central bank's No. 2 policymaker.Wilkins, with more than a decade of experience inside the bank and most recently as adviser to the governor, will start her seven-year term May 2.She replaces Tiff Macklem, who is leaving to become dean of a business school in ...
Philippines can absorb modest rate rise: deputy bank governor BAGUIO: A modest increase in the Philippine key interest rates will not harm the economy, which has posted uninterrupted growth for the last 60 quarters and is forecast to expand by 6.5 to 7.5 percent this year, a senior central bank official said.The Philippine central bank, which meets on May 8 to review its monetary policy, has "decreasing elbow room" to keep rates steady because of the possible "normalisation" of key interest rates in the ...
Canada set to announce Macklem's successor at central bank WASHINGTON: Canada will appoint the new senior deputy governor of the Bank of Canada "quite soon," Finance Minister Joe Oliver said on Friday, referring to the successor to the central bank's No. 2 policymaker Tiff Macklem who is leaving on May 1.Central bank chief Stephen Poloz, who appeared alongside Oliver at a news conference following a meeting of Group of 20 finance officials, said the conditions for deflation don't exist in Canada or in other ...
UniCredit bosses get no bonus for fourth year in a row MILAN: UniCredit, which reported record losses last year, will not pay bonuses to senior management for 2013, the fourth year in a row they will not receive one.Federico Ghizzoni, chief executive of Italy's largest bank by assets, received 2.3 million euros ($3.2 million) in total compensation in 2013, but no bonus, the bank said in its remuneration report on Friday. "Considering the overall context, this year it was considered opportune not to proceed with the ...
French banks issue first notes backed by SME loans PARIS: French banks tested the waters for securities backed by loans to small and medium-sized companies on Friday, issuing 2.65 billion euros ($3.7 billion) in notes as part of a pilot project encouraged by the Bank of France. The issue will be closely watched by the European Central Bank as it looks for ways to revive lending to the small and medium enterprise (SME) sector, with banks reluctant to extend loans because of tighter capital ...
Uganda central bank intervenes to slow shilling appreciation KAMPALA: Uganda's central bank intervened on Friday to buy US dollars to slow the appreciation of the shilling, traders said.The shilling opened at 2,515/2,525 and was trading at an intra-day high of 2,505/2,515 when Bank of Uganda started buying dollars.By 0835GMT it weakened to 2,515/2,525. "There has been a lot of interbank selling and we've also seen sell-offs by offshore investors which pushed the shilling sharply downwards (strengthening) before the central bank intervened to limit ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln