Financial and Banking News
Al Saudi Banque Cuts Provisions
Profits of the Paris-based Al Saudi Banque recovered to FF41mn ($4.3mn) in 1984, with provisions of FF26mn ($2.7mn) taken. In 1983, with provisions of FF93mn, the bank declared a paltry FF2.4mn profit. The apparent improvement masked an increased reliance on the interbank market, as customers' deposits dropped by FF903mn ($94mn) to FF3,852mn ($402mn). The loan portfolio expanded slightly to FF4,711...