TASI edges up boosted by banking sector earnings
TASI gained 0.74 percent to 12,052 while Nomu added 0.15 percent to 20,823
Saudi stocks ended higher on Wednesday, following positive financial results from the banking sector.
This was fueled by Saudi National Bank, the Kingdom’s largest lender, which rose by 0.72 percent.
SNB reported today a 59 percent surge in first half profit to SR9 billion ($2.4 billion).
The main index, TASI gained 0.74 percent to 12,052, while the parallel market, Nomu, added 0.15 percent to 20,823.
This was also led by a 1.87 percent leap in Alinma Bank, after it posted a 29 percent increase in first half profits to SR1.7 billion.
Bank Albilad gained 1.13 percent, following a 24 percent jump in profits for the first half of the year, hitting SR1 billion.
Shares of Saudi Aramco, the largest player on the Saudi oil market, surged 2.45 percent, while the Kingdom’s largest valued bank, Al Rajhi, rose 1.26 percent.
Brent crude increased to $105.18 a barrel, while US West Texas Intermediate hit $95.86 a barrel, as of 3:31 p.m. Saudi time.
SNB shares gain as profit surges 59% to $2.4bn
Shares of Saudi National Bank, the Kingdom’s largest lender, gained in early Wednesday trading after posting a profit surge to SR9 billion for the first half of 2022.
The bank’s profit leaped 59 percent from SR5.7 billion in the corresponding period last year, a bourse filing showed.
In response to the results, shares were up almost 0.9 percent to SR70 by 11:00 a.m. Saudi time, amid trading of almost 800,000 shares.
The profit hike came as total operating profit surged 24 percent to SR16.4 billion from SR13.3 billion during the same period a year ago.
SNB also attributed the strong figures to a drop in expenses of 12.5 percent, mainly due to lower impairment charges for credit losses.
FASTFACT
Shares of Saudi National Bank, the Kingdom’s largest lender, gained in early Wednesday trading after posting a profit surge to SR9 billion ($2.4 billion) for the first half of 2022.
Banque Saudi Fransi’s profit soars 11% to $456m in H1
Banque Saudi Fransi has reported an 11 percent profit surge for the first half of 2022, driven by a boost in total operating income.
Its profit peaked at SR1.7 billion, compared to SR1.5 billion in the prior year period, according to a bourse filing.
The profit hike was mainly attributed to a 5.6 percent increase in operating income, despite higher operating expenses of 3.1 percent, the bank said.
Alinma Bank’s shares rise following a 29% surge in half-year profit
Alinma Bank shares rose 1.6 percent at Tadawul’s opening bell on Wednesday after posting a 29 percent surge in half-year profits.
As of 10:05 a.m. Saudi time, the share price reached SR38 ($10), up from SR37 at the closing bell the previous day.
The bank first half profit jumped to SR1.7 billion, compared to SR1.3 billion in the same period the previous year, according to a bourse filing.
The bank said that the results were driven by a 14.8 percent increase in total operating income for the period despite higher operating expenses of 2.5 percent.