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Albilad bank Q2 profit surges 64pc

Riyadh, July 13, 2008

Saudi Arabia's Albilad bank said it posted a second-quarter net profit of 57 million riyals ($15.3 million), up 64.3 percent from the year-earlier period, on a rise in lending activity.

Albilad's second-quarter profit topped a forecast by EFG-Hermes which expected the bank to make 54.3 million riyals, according to a Reuters survey last month.

The bank posted a net profit of 34.7 million riyals in the three months to June 30, 2007, it said in an emailed statement.

The bank made a net profit of 107.8 million riyals in the first half of 2008 compared to 60.4 million for the same period of 2007, it said.

Like all Saudi banks, Albilad was hit by a decline in banking fees, made up mainly of brokerage commissions, after a stock market crash in 2006.

Revenues from lending rose 23 percent in the first half to 294 millions riyals, it said.

Albilad, which complies with Islam's ban on lending on interest, started operations in 2005 after raising $400 million from the sale of a 50 percent stake in an initial public offering. - Reuters




Tags: profit | Albilad |

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