Financial and Banking News
Riyad Bank Boosts Profits Through Provisions Write-Back
Riyad Bank, the second biggest bank in Saudi Arabia, has declared an 88%increase in profits in 1992, largely due to a write-back of provisions fromprevious years. The 1992 accounts show a recovery of SR160.4mn, compared to acharge of SR181.6mn the previous year. Operating profit (gross income less costof funds) rose by 3%. Nevertheless, the bank is solid and profitable,...