VOL. XXXIX

No. 28

8-April-1996

SAUDI ARABIA

Riyad Bank Reports Profits Up By A Third As Loan Portfolio Contracts

Riyad Bank, the second largest bank in Saudi Arabia in terms of assets, has produced 1995 profits up by 31% at SR764mn ($204mn) and a dividend increased to SR600mn from SR480mn the previous year. Significantly, the improved result comes after a provisioning charge of some SR50mn, the first such charge since 1991 - in 1993 and 1992 profits were boosted by substantial...