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Islamic Finance Briefing - Categorized | Banking, Performance more

Profit of HSBC Saudi arm sunk by provisions

Posted on 15 January 2010

From Maktoob.com: New provisions all but wiped out earnings at SABB bank on Wednesday, dragging net profit to its lowest quarterly level in more than a decade.

In a reminder of the pain inflicted on Saudi lenders by the global financial crisis, HSBC’s Saudi affiliate reported a 96-percent fall in fourth quarter profit………………………………….Full Article: Source

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