HSBC Saudi Arabia Ltd has won Three Zawya fund Awards at the Thomson Reuters ceremony event held in Dubai on the 25th of April 2013.
The award for Best GCC Equity Islamic Fund of 2012 was granted to "HSBC GCC Equity Fund" while "HSBC Multi-Asset Growth Fund" won the Best Saudi Arabia Islamic Fund of Funds of 2012 award. In addition to this, Best Newcomer Fund of the Year 2012 award was awarded to "HSBC Saudi Freestyle Equity Fund".
Osama Shaker, Managing Director & Head of Financial Markets of HSBC Saudi Arabia commented: "We are very pleased to have won these awards which reflect our strong commitment to delivering superior investment returns to our clients via our dedicated team of investment professionals. We will continue to expand the selection of Shariah Complaint mutual funds and offer complete investment solutions and services.”
The Saudi British Bank “SABB” has published the results of the headline SABB/HSBC Saudi Arabia Purchasing Managers’ Index™ (PMI™) for April 2013 – a monthly report issued by the bank and HSBC. It reflects the economic performance of the Saudi Arabian non-oil producing private sector companies through the monitoring of a number of variables, including output, orders, prices, stocks and employment.
April data suggested a further improvement in operating conditions in Saudi Arabia’s non-oil producing private sector, as the headline PMI posted 58.0, down slightly from 58.9 in March. While the latest survey data marked the lowest reading in five months, the rate of improvement remained sharp.
Output levels continued to increase at a solid pace in April, with 31% of respondents indicating a rise in production. Panellists linked the expansion to improving market conditions and increased incoming new business. Driven by improved marketing efforts, order book volumes rose during the latest survey period. The rate of growth moderated slightly from March, but remained sharp. New business from abroad also rose at a slightly weaker rate than in the previous survey period.
Non-oil producing private sector companies in Saudi Arabia indicated a third successive monthly increase in levels of outstanding business. Increased new orders was cited as the main reason for the rise in work-in-hand. Meanwhile, vendor performance improved at the sharpest rate in four months.
Overall input costs continued to increase during the latest survey period, but the rate of cost inflation eased slightly from March. While an increase in purchase prices was driven by general inflationary pressures, average staff costs were broadly unchanged from the previous month. Output prices charged by Saudi Arabian non-oil producing private sector companies rose moderately in April, as the majority of respondents indicated unchanged charges from the previous month. Where higher charges were reported, panellists commonly commented on increased input costs.
Purchasing activity increased further during April, as 35% of companies recorded a rise in the quantity of inputs purchased. According to anecdotal evidence, the rise was encouraged by increased incoming new business volumes.
Input stocks at Saudi Arabian non-oil producing private sector companies rose during April, as companies predicted growth of incoming new business and production requirements.
The Saudi British Bank (SABB) was declared the winner of the “Best Call Center” and “Best Corporate Customer Service” awards for the year 2013, by the Banker Middle East magazine. The awards come in recognition of SABB’s pioneering role in advancing the level of service standards in the financial services industry.
SABB pays a special attention to enhancing customer experiences by all means possible to both consumer and corporate clients. The latest technologies, global best practices and professional staff members are in place to ensure that SABB costumers get the best service in a prompt, easy, and effective manner.
HSBC Saudi Arabia Limited launched a blood donation campaign for its employees. The event took place at the firm’s headquarters in Riyadh, and was held in collaboration with the Blood Bank at King Faisal Specialist Hospital and Research Center. The event saw a high level of interest and participation from all staff members, and it comes as a continuation of the firm's commitment to socially-responsible role in the community.
In his remarks, Chief Executive Officer of HSBC Saudi Arabia Limited, Walid Khoury, stressed the importance of organizing such activities and the goals behind it. Mr Khoury said, "We seek to assist and support hospitals and blood banks in their efforts to address blood shortages. We are continuously eager to fulfill our responsibility as a model corporate citizen in the community. I would like to thank all that were involved and contributed to this successful event."
The Saudi British Bank - SABB recorded a net profit of SAR 948 million for the quarter ended 31 March 2013. This is an increase of SAR 94 million or 11.0% compared to SAR 854 million for the same period in 2012, and an increase of SAR 133 million or 16.2% as compared to the three months ended 31 December 2012, which amounted to SAR 815 million.
Operating income of SAR 1,438 million for the quarter ended 31 March 2013 – an increase of SAR 203 million, or 16.4 %, compared with SAR 1,235 million for the same period in 2012.
Customer deposits of SAR 122.1 billion at 31 March 2013 – an increase of SAR 10.5 billion, or 9.4 %, compared with SAR 111.6 billion at 31 March 2012.
Loans and advances to customers of SAR 101.2 billion at 31 March 2013 – an increase of SAR 10.0 billion, or 11.0 %, from SAR 91.2 billion at 31 March 2012.
The bank's investment portfolio totalled SAR 32.4 billion at 31 March 2013, an increase of 37.4 % compared with SAR 23.6 billion at 31 March 2012.
Total assets were SAR 158.8 billion at 31 March 2013, compared with SAR 144.0 billion at 31 March 2012, an increase of 10.2 % or SAR 14.7 billion.
Earning per share is SAR 0.95 against SAR 0.85 for the corresponding quarter of the previous year.
Sheikh Khaled Olayan, Chairman of SABB, said: "SABB's strategy of diversifying its income streams, effective cost control and ongoing emphasis on booking quality business at acceptable margins while maintaining strong capital and liquidity ratios has enabled the bank to record a good financial performance for the quarter ended 31 March 2013."
"We would again like to thank our customers for their continued support and our staff for their commitment and contribution to the bank's success."
Date: April 2013
HSBC Saudi Arabia Ltd won 4 awards at the MENA Fund Manager Performance Awards ceremony, held recently in Dubai. Mr. Abdulhadi Shahadah (Chief Investment Officer) received the awards on behalf of HSBC Saudi Arabia Ltd. The awards for the 'Sector Fund of the Year' were granted to "HSBC Saudi Construction & Cement Equity Fund" in the one-year and the three-year performance categories. The "GCC Equity Fund of the Year" award was won by "HSBC Amanah GCC Equity Fund" for the three-year performance category while the "HSBC Amanah Multi Assets Defensive Fund" won the 'Fund of Funds of the year' award.
Mr. Osama Shaker, Managing Director & Head of Financial Markets at HSBC Saudi Arabia Ltd., commented: "We are delighted to have won these awards, which are a reflection of our strong commitment to deliver superior products and services to our clients. The quality and hard work of our dedicated team of experts have allowed us to achieve this recognition." He also added that HSBC is always striving to offer a wide-range of diversified investment products and solutions covering different asset classes, markets and sectors, including equities, with their various sectors, as well as commodities and Sukuk.
Date: 19 February 2013
For the 5th year in a row
The Saudi British Bank (SABB) has once again been named by Global Finance magazine as the "Best Trade Finance Bank" in Saudi Arabia for 2013. This is the 5th consecutive year that SABB has picked up this coveted award, widely acknowledging SABB as the preeminent trade finance bank in the Kingdom. Whilst the award is for 2013, it is based on performance during 2012.
The recognition from Global Finance magazine comes after an assessment of transaction volumes, scope of global coverage, customer service, competitive pricing and innovation of the leading trade finance providers in the Kingdom. This year, to increase the accuracy and reliability of results, Global Finance further enhanced their assessment by including a poll of key decision makers in multinational companies globally, alongside traditional input from industry analysts, corporate executives and technology experts.
In 2012, SABB continued its focus on client service, product innovation, and the development of trade opportunities for clients. During the year, SABB successfully rolled out a number of key initiatives directed towards helping its clients grow their trade related businesses. These included enhancing its trade corridors initiatives with key trade partners of KSA (including India and Turkey); continued education of Saudi customers on emerging trends and risks associated with international trade through its "Trade Academy" and "Trade Confidence Index" initiatives; various customer engagements and thought leadership events with participation from key industry experts including representation from the International Chamber of Commerce (ICC); extension of its product suite and services; further expansion of risk participation arrangements through Export Credit Agencies (ECA’s) and other partner banks; and continued provision of Renminbi (RMB) trade related capabilities, where it remains the leading bank in the Kingdom.
SABB offers an unrivalled global connectivity through its association with HSBC Group, as well as a range of sophisticated and customized conventional and Sharia-compliant trade finance solutions to meet growing trade and supply chain needs of its clients. The award comes to highlight the continued focus on customer service and experience while showcasing the innovative and customized solutions provided for the increasingly diverse, challenging and complex client expectations in the Saudi market.
Date: 5 February 2013
The Saudi British Bank "SABB" has published the results of the headline SABB/HSBC Saudi Arabia Purchasing Managers' Index™ (PMI™) for January 2013 – a monthly report issued by the bank and HSBC. It reflects the economic performance of the Saudi Arabian non-oil producing private sector companies through the monitoring of a number of variables, including output, orders, prices, stocks and employment.
Operating conditions in the Saudi Arabian non-oil producing private sector remained positive at the beginning of 2013, as the headline PMI posted a reading of 58.1, down slightly from December's 58.9. Output and new orders increased solidly but input price increase picked up. Meanwhile, employment levels continued to rise.
Output rose at Saudi Arabian non-oil producing private sector companies during January. The rate of growth slowed slightly, but remained marked. Almost 45% of survey respondents indicated an increase in new orders, which was mainly driven by improved economic conditions and good sales team efforts. New business from abroad increased in January, albeit at the slowest pace in five months.
The latest survey data signalled a decrease in work outstanding at non-oil producing firms in Saudi Arabia. Increased capacity helped support the clearance of work-in-hand. Employment levels increased further in January, and the rate of job creation was in-line with the overall series average. An increase in new orders was reported to be the main driver behind the latest rise in payroll numbers.
Output prices at non-oil producing private sector companies rose during January, and at a slightly sharper rate than in December. The rise in output prices was linked to higher input costs and increased market demand.
Overall input prices rose during January, while the rise in purchase prices was driven by higher raw material prices and general economic pressures. Panellists also reported higher average staff costs. This was linked to the hiring of additional employees.
January data signalled a rise in purchasing activity at Saudi Arabian non-oil producing private sector firms, and the rate of growth was higher than in the previous survey period. Almost one-in-three respondents indicated an increase in buying, while only 6% recorded a decrease. Stocks of purchases continued to increase during January. There was some evidence that growth was driven by expectations of an increase in new orders and production over the coming months.
Meanwhile, suppliers' delivery times continued to shorten. Only 2% of companies reported a worsening in vendor performance, while 12% indicated an improvement. According to anecdotal evidence, the shortening of suppliers' delivery times was partly due to improved payment schedules.
Date: 4 February 2013