Masraf al Rayan
Dubai: Qatar-based lender Masraf al Rayan on Tuesday posted a 12 per cent rise in third-quarter net profit as financing activity increased. According to Zawya Dow Jones calculations, the bank made a third quarter net profit of 357.8 million Qatari riyals (Dh356.3 million). The bank had posted a net profit of 321 million riyals in the year earlier quarter, according to Zawya.com. The bank made a nine-month net profit of 1.08 billion riyals, up 7 per cent compared to the corresponding period in 2011, Masraf said in a statement on the Qatari bourse website. It didn’t disclose third quarter earnings. Earnings per share in the first nine months amounted to 1.45 riyals versus 1.35 riyals in the year earlier period. Financing activities rose nearly 32 per cent to 37.86 riyals billion, Masraf said. Customer deposits rose over 29 per cent on the year to 51.72 billion riyals, from 40 billion riyals, the bank said. Qatari banks are expected to finance a wave of infrastructure building as the gas-rich emirate prepares to host the 2022 Fifa World Cup. Masraf shares last traded down 0.6 per cent at 26.60 riyals on Tuesday in an overall positive market.
Investcorp
Fitch Ratings has assigned Cayman Islands-based Investcorp SA’s (ISA) proposed senior unsecured notes an expected rating of ‘BB (exp)’. The issue will be guaranteed by Investcorp Bank BSC (IBSC), the parent which is based in Bahrain. The final rating is subject to receipt of final documentation conforming to information already received. The notes are expected have a tenor of approximately five years. Proceeds will be used to extend the company’s debt maturity profile and repay revolving credit facilities.
Standard Chartered’s
Standard Chartered’s private equity business is preparing a unit of Saudi Arabia’s Saudi Bin Laden Group for an initial public offering, the bank’s regional head of private equity said on Monday. Standard Chartered Private Equity made a $75 million (Dh275.4 million) minority investment last year in Bin Laden’s Construction Products Holding, a building materials manufacturer. Taimoor Labib, the private equity head, said on the sidelines of a conference in Dubai that an IPO on Saudi’s Tadawul market was in the making, but declined to give a timeline. Standard Chartered Private Equity is making the investments with the bank’s own balance sheet, Labib said. The bank is looking for further such investments across the region, he said, including Kuwait, Jordan and the UAE.
Zain Saudi
Zain Saudi, the phone operator whose quarterly loss widened, expects to sign an agreement to refinance 9.75 billion riyals (Dh9.54 billion) of debt in the fourth quarter after receiving additional time from lenders. The company is in “very advanced negotiations” with a syndicate of banks, as well as potential investors, to refinance the Islamic murabaha facility, Zain Saudi said in a statement. The facility, which was originally due in July, was extended to November 28, the second extension by lenders. The company mandated Al Rajhi Bank, Banque Saudi Fransi, Arab National Bank and Standard Chartered Plc to refinance the loan, two bankers familiar with the matter said in May. Third-quarter loss widened to 493 million riyals after a loss of 484 million riyals a year earlier. That missed the mean estimate of seven analysts for a loss of 354 million riyals, according to data compiled by Bloomberg. The loss was due to a re-balancing of traffic volumes from international to national locations, Zain Saudi said, adding that it had an operating loss of 305 million riyals after 222 million riyals a year earlier. The shares slumped as much as 8.2 per cent to 8.35 riyals today, set for the lowest since its 2008 listing.
