VOL. XXXIII
NO. 29
23-APRIL-1990
Financial and Banking News
Regional Banking
Al-Rajhi Declares Spectacular Profits
Al-Rajhi Banking and Investment Corporation has declared profits ofSR1,027.9mn for 1989, its first full year of operation, making it by far themost profitable of Saudi Arabia's 12 commercial banks. A 20% dividend has beenproposed. The increase in profits was mainly due to a near doubling of revenuefrom murabaha (Islamic trade finance) operations. These accounted for 89% of thebank's...
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