Saudi Arabia's National Commercial Bank (NCB), the kingdom's largest lender, reported a 0.9 per cent dip in second-quarter net profit on Sunday as a drop in operating expenses was offset by lower operating income.
The bank made a net profit of 2.42 billion Saudi riyals (Dh2.37bn) in the three months to June 30, down from 2.44bn riyals in the same period of 2016, it said in a bourse statement.
SICO Bahrain forecast NCB would make a quarterly profit of 2.63bn riyals.
The bank's operating income was lower due to a 121 million riyals fall in fees from banking services, as well as a 115m riyals decline in investment-related income. Net special commission income was up 125m riyals. Total operating expenses dropped by 220m riyals.
Saudi companies issue brief earnings statements before publishing more detailed results later.
Banks in the kingdom are contending with sluggish economic growth as depressed oil prices prompt reduced spending by the government, companies and consumers.
Deposits at the bank, which has perhaps the closest links to the government, slipped 0.01 per cent year on year to 314.69bn riyals at the end of June, continuing the decline in levels seen in the first quarter of 2017 and 2016.
The hefty deposits Saudi banks have been able to build up in recent years have diminished more recently as the government draws down cash parked with them to help plug its budget deficit.
The bank's board of directors last month recommended a cash dividend for the first half of 2017 of 1.10 riyals per share, up from 0.60 riyals per share for the same period of last year.
Loans and advances at the end of June stood at 256.9bn riyals, down 3 per cent on a year earlier.
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Company%20profile
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Match info
Arsenal 0
Manchester City 2
Sterling (14'), Bernardo Silva (64')
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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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
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
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How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Scoreline
Bournemouth 2
Wilson 70', Ibe 74'
Arsenal 1
Bellerin 52'
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
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