Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported an 8.3 per cent rise in third-quarter profit as special commissions and other operating income increased.

Net income rose to 1.42 billion Saudi riyals (Dh1.39bn) in the three-month period ending September 30 from 1.3bn riyals in the year-earlier period, the bank said in a statement to the Saudi Tadawul stock exchange on Thursday. It matched the average of three analysts'"...

NEW YORK: Financial technology startups and other new entrants are making inroads in the US banking market, but have yet to capture a threatening share of bank revenues, according to research published by Accenture on Wednesday.
Around 19 percent of financial institutions in the US are new entrants, such as challenger banks, non-bank payments institutions and big tech companies, according to the report. Yet they have amassed only 3.5 percent of the total $1.04 trillion in banking and payment revenues so-far, Accenture"...

The US dollar has declined by 1.5 per cent against the Turkish lira, recording its lowest value in the past two months at 5.7835 Turkish liras per dollar.

After retreating to 5.7835 liras, the US dollar stabilised at 5.79 liras.

The euro has also decreased in value against the lira by 1.1 per cent, recording 6.7175 liras per euro, while the sterling dropped 0.88 per cent,"...

NEW YORK — Citigroup Inc reported a better-than-expected quarterly profit on Friday, helped by lower expenses, higher bond trading revenue and strength in its consumer banking business in Mexico.

Operating expenses declined 1 percent, surprising analysts and indicating that the company was on the way to meeting financial targets for this year.

The company also showed"...

QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the nine months ended 30 September 2018.

For the nine months ended 30 September 2018, Net Profit reached QAR10.8 billion (USD3.0 billion), up by 6% compared to same period last year, despite the impact of the Turkish Lira devaluation.

Total"...

PARIS: The Swiss banking giant UBS goes on trial in Paris on Monday to face accusations it orchestrated a huge tax fraud scheme for wealthy French clients, with potential fines of billions of euros.
After a six-year investigation, judges last year charged the bank and its French subsidiary of laundering proceeds from tax fraud carried out from 2004 to 2012, allegations the bank has denied.
“UBS will finally have the chance to respond to what are usually unfounded claims,” the bank has said, vowing"...

Investment bankers are bracing for the start of a landmark legal case about alleged cartel activity in Australia’s financial sector, nervous the proceedings could lead to increased scrutiny and tougher measures from regulators worldwide.
Australian authorities filed criminal charges in June against the local units of Citigroup, Deutsche Bank, Australia and New Zealand Banking Group and six bankers over a $2.3bn stock sale.
Most past investigations into cartels by the Australian Competition and Consumer Commission"...

When the world’s de facto central bank rustles up an interest-rate whirlwind, you don’t use a fig leaf of flexible exchange rates to stand in its path. That memo, already well-received in Indonesia, doesn’t seem to have reached India. The Reserve Bank of India chose to hold its policy interest rate at 6.5 per cent on Friday. And by delaying the much-debated quarter-percentage-point increase, policymakers signalled their tolerance of financial instability.

That"...

The Syrian crisis is a complex environment for aid agencies wishing to move funds for humanitarian purposes into the country, or through neighbouring states supporting regional humanitarian efforts. The combination of counter-terrorist financing (CTF) legislation and international sanctions have made it very difficult for humanitarian organisations to move and access funds. The largest Syrian banks are under sanctions by the United States, the European Union (EU) and other states, and the banking system in areas outside of"...

BUENOS AIRES: The president of Argentina’s central bank, Luis Caputo, abruptly resigned on Tuesday after just three months in the position, amid a volatile economic crisis.

The resignation, which the bank said was for “personal reasons,” came as President Mauricio Macri was trying to negotiate accelerated IMF funding from a $50 billion loan agreed in June to help stabilize Argentina’s economy.

Macri is currently in New York, attending the United Nations General Assembly, while"...