Saudi banks' profit down in Q4
Riyadh, January 19, 2009
Some of the leading banks in Saudi Arabia have announced a decline in profits for the fourth quarter of last year.
Al-Rajhi Bank, the kingdom's largest lender by market value, said its net profit fell 9.6 percent in the fourth quarter, below analysts' forecasts.
Al-Rajhi made 1.424 billion riyals ($379.7 million) in the three months to December 31 down from the 1.58 billion riyals it made a year-earlier, the bank said in a statement posted on the bourse's website.
Riyad Bank said its fourth-quarter net profit fell 33 percent to 529 million riyals ($141.1 million) compared to the year-earlier period.
Riyad Bank made 793 million riyals in the fourth quarter of 2007, the bank said in a statement posted on the bourse's Web site.
SABB, another major bank in the kingdom, said its net profit fell 6.8 percent in the fourth quarter, in line with analysts' forecasts.
SABB made 657 million riyals ($175.2 million) in the three months to December 31, down from 705 million riyals a year earlier, the bank said in a statement.
Meanwhile, Saudi Hollandi Bank posted fourth-quarter net profit of 309 million riyals ($82.40 million) compared with a loss of 106 million riyals a year earlier.
Total operating profits in the quarter grew 8.7 percent to 518 million riyals, the bank said.
Its fourth-quarter profit rose 1 percent compared with the third quarter, Saudi Hollandi added. In the third quarter, the bank's profit had soared 88 percent from the year earlier. - Reuters