NO. 21


Financial and Banking News

Bank Results

Provisions Cut Helps Saib To 48% Profit Increase

Saudi Investment Bank (Saib) has reported a 48% increase in profits for 1993,largely as a result of a reduction in provisions. Underlying profitability didincrease, although it was tempered by the high cost of installing new automationsystems. Growth of 15% is seen as a realistic target for 1994. No dividend hasbeen declared and the bank has no immediate plans to start...