VOL. XXXVI

NO. 25

22-MARCH-1993

Financial and Banking News

BANK RESULTS

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,...