77 Jeddah outlets shut for COVID-19 breaches

77 Jeddah outlets shut for COVID-19 breaches
77 Jeddah outlets shut for COVID-19 breaches

Thank you for reading the news about 77 Jeddah outlets shut for COVID-19 breaches and now with the details

Jeddah - Yasmine El Tohamy - LONDON: Barclays and BNP Paribas reported bumper first-quarter profits on Friday, as an equities trading boom offset a slump in demand for fixed income products.

The topsy-turvy trading results for two of Europe’s biggest remaining investment banks highlighted how volatile markets amid the global pandemic caused seesawing demand for different asset classes.
Barclays’ January-March profit more than doubled to £2.4 billion from 923 million a year ago, while its French rival said net profit rose 37.9 percent to €1.77 billion ($2.14 billion), both beating analyst forecasts.
But a relatively sluggish performance by their traditionally strong fixed income trading businesses lagged rivals, including Deutsche Bank, JP Morgan and Goldman Sachs.
Analysts expressed concerns about rising costs at both banks, which put pressure on their shares.
BNP Paribas shares fell 1 percent, while Barclays shares fell 6 percent.
Barclays said its 2021 costs would be higher than 2020, which CEO Jes Staley told reporters was partly due to the need to boost trader pay to compete with US rivals.
Fahed Kunwar, analyst at Redburn, said: “The concern on costs is not a new phenomenon for Barclays - the question is whether management can deliver the revenues, and ultimately higher levels of profitability, to justify these increased costs.”
Both Barclays and BNP benefited from lower than expected charges for bad loans, as government support measures in their domestic economies helped to defer the economic pain from the COVID-19 pandemic.
Barclays took an impairment charge of just £55 million compared with £2.1 billion in the same period a year ago, while BNP Paribas said its similar measure fell 37 percent to €896 million.
Barclays’ approach contrasted however with bullish moves by rivals such as HSBC and Lloyds to release big chunks of provisions set aside for potential soured loans.
European banks have generally been more cautious on provisioning for bad loans than US peers such as JPMorgan, which earlier this month released more than $5 billion.

FASTFACT

Barclays took an impairment charge of just £55 million compared with £2.1 billion in the same period a year ago, while BNP Paribas said its similar measure fell 37 percent to €896 million.

The bumper equities performances from the two banks partly made up for thin returns from fixed income, currencies and commodities (FICC), where client demand slumped.
Barclays reported a 35 percent decline in FICC income, while at BNP Paribas it fell 16 percent as interest rate and foreign exchange-related products in particular fell out of favor.
“We would have liked to do better than we did on FICC, we take a prudent approach to risk,” Barclays CEO Staley told reporters.
The bank said that within FICC a strong performance in credit trading was undermined by weaker demand for macro-related products and lower overall demand compared with a year ago.
Rival banks which have already published first-quarter earnings seemed to dodge the fixed income decline, with Deutsche Bank’s fixed-income and currency sales revenue increasing 34 percent while Goldman Sachs reported a 31 percent rise in such trading.
For Barclays and BNP Paribas, the equities trading boom coincided with a flood of corporate listings in Europe. The turnaround in equities was timely for BNP Paribas in particular, after earnings in the first quarter a year ago were wiped out by losses related to dividend-linked derivatives as European companies suspended payouts.
The listing bonanza bolstered Barclays’ banking advisory business within its investment bank, as income rose 35 percent to £859 million from fees for advising on equity fundraisings.

These were the details of the news 77 Jeddah outlets shut for COVID-19 breaches for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Saudi Arabia holds first concert since pandemic’s outbreak