NO. 33


Financial and Banking News

Bank Results

Riyad Bank Shows Reduced Profits

Riyad Bank has announced profits of SR254.7mn ($67.9mn) for 1989, down 4% on1988. Operating income and expenses rose during 1989 to leave a pre-provisionoperating profit of SR633.3mn, up SR32mn or 5% on 1988. Provisions for the yearwere increased by SR39.7mn to SR281.3mn. Loans and advances to the privatesector rose by 13% to SR7,263mn and deposits with banks abroad increased by 10%to 21,276mn.