VOL. XXXII

NO. 32

15-MAY-1989

Financial and Banking News

REGIONAL BANKING

Gulf Riyad Returns to Profit

Gulf Riyad Bank, which is a joint venture between Riyad Bank (60%) and CreditLyonnais (40%), has returned to marginal profitability after declaring biglosses in 1987. The bank's results for 1988 show profits of $1.5mn after a bigcut in loan loss provisions. Net operating income has recovered from $6.8mn in1987 to $9.3mn, but is still far below the 1986 level of $12.2mn. All profitshave been...