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Asharq Al-Awsat
an hour ago
- Asharq Al-Awsat
Saudi Arabian Bank SNB Reports 17% Jump in Second-quarter Profit
Saudi National Bank (SNB) reported a 17.3% jump in second-quarter net profit on Monday, driven by higher income and lower net impairment charges. SNB's shares jumped 1.8% at market open after the results, and have risen just over 10% since January. The Kingdom's biggest lender by assets said it made a net profit of 6.1 billion riyals ($1.63 billion) in the quarter ended June 30, higher than the 5.6 billion riyals analysts were expecting, and compared with 5.2 billion riyals in the year-earlier period. SNB said the results were driven by higher net special commission income and operating income, in addition to lower net impairment charges for expected credit losses. According to Reuters, SNB said pre-provision credit was driven by strong credit quality and higher recoveries. SNB will pay a first-half dividend after zakat, an Islamic tax, worth 1 riyal per share to 6 billion eligible shares, according to a separate bourse disclosure that followed the results.
Arab News
2 hours ago
- Arab News
Gaza teen who dreamed of becoming a doctor now just hopes to survive
KHAN YOUNIS: Two years ago, Sarah Qanan was a star high school student preparing for final exams and dreaming of becoming a doctor. Today, the 18-year-old lives in a sweltering tent in the Gaza Strip and says she is just trying to stay alive. She's part of a generation of Palestinians from grade school through university who have had virtually no access to education in the territory since the war began in October 2023. Classes were suspended that month and schools were transformed into crowded shelters as hundreds of thousands fled their homes at the start of Israel's campaign of retaliation after Hamas' Oct. 7, 2023, attack. The closure of schools has removed a key social outlet for young people as they grapple with war, hunger and displacement. For younger children, it has meant missing out on basic skills like reading and simple arithmetic. For older students, advanced subjects, graduation exams and college applications have all been put on hold. Even if negotiations lead to another ceasefire, it's unclear when anything in Gaza will be rebuilt. Vast areas have been completely destroyed, and the UN children's agency estimates that nearly 90 percent of schools will need substantial reconstruction before they can function again. Like many in Gaza, Qanan's family has been displaced multiple times and is now living in a tent. When an Israeli airstrike destroyed their home in early 2024, she dug through the rubble in search of her books, but 'there was nothing left.' 'My sole dream was to study medicine,' Qanan said. 'I stopped thinking about it. All my thoughts now are about how to survive.' Hundreds of thousands out of school More than 650,000 students have had no access to education since the start of the war, according to the UN children's agency, UNICEF. That includes nearly 40,000 students who were unable to take university entry exams that largely determine their career prospects. It's the first time in decades that the exams were not administered in Gaza. Israel's bombardment and ground operations have killed tens of thousands of Palestinians and displaced 90 percent of Gaza's population. School-age children in crowded shelters and tent camps are often forced to help their families find food, water and firewood. A complete Israeli blockade imposed in early March that was only slightly eased 2 ½ months later has driven the territory to the brink of famine. Local education officials, working with UNICEF and other aid groups, set up hundreds of learning spaces to try and provide education during the war. 'We're trying to salvage what we can of the educational process, so that the next generation doesn't slip through our fingers,' said Mohamed Al-Asouli, head of the education department in the southern city of Khan Younis. During a six-week ceasefire in January and February, some 600 learning spaces provided lessons for around 173,000 children, according to UNICEF. But since March, when Israel ended the truce with a surprise bombardment, nearly half have shut down. 'The impact goes beyond learning losses,' said Rosalia Bollen, a UNICEF spokeswoman. 'Children in Gaza have been trapped in a cycle not just of exposure to unprecedented violence, but also a cycle of fear, of toxic stress, of anxiety.' 'Two years of my life are gone' Some have tried to continue their studies through online learning, but it's not easy in Gaza, where there has been no central electricity since the start of the war. Palestinians must use solar panels or hard-to-find generators to charge their phones, and Internet is unreliable. 'The mobile phone is not always charged, and we only have one at home,' said Nesma Zouaroub, a mother of four school-age children. She said her youngest son should be in second grade but does not know how to read or write. 'The children's future is ruined,' she said. Ola Shaban tried to continue her civil engineering studies online through her university after the campus was destroyed by Israeli forces in April 2024. She had to walk long distances to get a signal in her hometown near Khan Younis, and she eventually gave up. 'I couldn't continue because of lack of Internet, continuous displacement and the constant sense of fear,' she said. 'Two years of my life are gone.' Israel's offensive has killed over 57,000 Palestinians, according to Gaza's Health Ministry. The ministry, which is part of the Hamas-run government, does not differentiate between combatants and civilians but says over half the dead are women and children. Its figures are used by the UN and other international organizations as the most reliable statistics on war casualties. Hamas-led militants killed some 1,200 people in the Oct. 7 attack and abducted 251. They are still holding 50 hostages, less than half believed to be alive, after most of the rest were released in ceasefire deals or other agreements. Qanan's father, Ibrahim, a local journalist, said his family did everything it could to support Sarah's ambition to study medicine, only to see it go up in smoke when the war broke out. 'The war stunned us and turned our life upside down,' the father of six said. 'Our dreams and hopes were buried in the rubble of our home.'
Argaam
2 hours ago
- Argaam
Abdullah Al Rajhi: marking a 32% growth Alrajhi Bank recorded a net income of 12,057 Million SAR in the first half of 2025
Alrajhi bank has announced its financial results for the first half of 2025, reporting a net income of SAR 12,057 million—an increase of 32% compared to SAR 9,103 million during the same period in 2024. This reflects the bank's strong operational performance and continued growth supported by its ambitious strategy. Total operating income reached approximately SAR 18,803 million, growing by 26% year-on-year. This was driven by higher net financing and investment income, along with an increase in revenue from banking service fees. Income from financing and investments grew by 25%, while fee and foreign exchange income saw a rise of 24%. The bank's total assets grew to SAR 1,039 billion, representing a year-on-year increase of 20%. The financing portfolio expanded by 19%, while the investment portfolio grew by 19%. Customer deposits reached SAR 642 billion, as a result of our customer continuous trust and loyalty. The bank also achieved a return on assets of 2.4% and a return on shareholders' equity of 23.5%. Earnings per share amounted to 2.86 Saudi riyals, while the bank maintained a strong coverage ratio for non-performing loans of more than 150%, as part of an effective risk management strategy. Commenting on the results, Mr. Abdullah bin Sulaiman Al Rajhi, Chairman of alrajhi bank's Board of Directors, stated: 'We are advancing steadily in our innovation and digital transformation agenda—two core pillars of our strategy to drive long-term growth and excellence.' He added: "We believe that the effectiveness of the 'harmonize the group' strategy, which enhances integration between business units and subsidiaries, is what enables us to provide distinguished products and services and added value to our customers and shareholders. We will continue to build on what has been achieved to achieve further accomplishments." Mr. Al Rajhi also reaffirmed the bank's deep commitment to social responsibility, citing continued support for impactful initiatives such as the 'Educational Orphan Care Program,' now in its fourth year, alongside broader efforts in education, healthcare, and community development. These contributions are in alignment with the Kingdom's Vision 2030 goals and reflect the bank's role as a socially conscious corporate citizen. In the first half of 2025, the bank supported the employment of 477 beneficiaries under the Ministry of Human Resources and Social Development's Empowerment Program. It also expanded its academic guidance program for students under the orphan care initiative, offering regular educational follow-ups, skill-building courses, and tutoring support to help them succeed academically and professionally. In healthcare, the alrajhi bank Cardiac Catheterization Center at Al Rass General Hospital treated over 293 cases—including 76 critical cases—and performed 195 procedures in its first operational phase. The bank also partnered with King Faisal Specialist Hospital to launch the 'Your Donation, Tomorrow's Hope' blood donation campaign, with over 100 donors participating across its headquarters in Riyadh and Medina. Further highlighting its leadership in sustainability, alrajhi bank's ESG rating was upgraded by MSCI from 'A' to 'AA', positioning it among the top five companies in the GCC region and a front-runner in the Kingdom's banking sector. This recognition underscores the bank's adherence to the highest environmental, social, and governance standards. Mr. Abdullah Al Rajhi concluded by expressing his appreciation to the shareholders for their unwavering trust and to all employees for their dedication and contribution to the bank's exceptional first-half results.
