Financial and Banking News


Riyad Bank Reports 11% Profit Decline

The Jiddah-based Riyad Bank - in which The Saudi Arabian Monetary Agency (SAMA) has a substantial minority stake - has reported profits of SR168.7mn ($45mn) for its 1406/07 fiscal year (to end-February 1987), which is 11% lower than the previous year's profits of SR189.4mn. The lower profits are mainly due to an increase in the bank's provisioning against loan losses, which were increased from...