Saudi Hollandi, ANB make record Q4 loan provisions
Riyadh, February 13, 2010
Saudi Hollandi Bank and Arab National Bank (ANB) made the highest quarterly provisions in 2009 for credit losses during the fourth quarter, stock exchange data showed on Saturday.
Saudi Hollandi, partly owned by Royal Bank of Scotland, booked SR753.5 million ($200.9 million) during the fourth quarter to cover loan losses, the data showed.
ANB, the Saudi affiliate of Jordan-based Arab Bank, set aside SR346.8 million for the same purpose during the period. This brings to SR526.6 million the total amount of provisions ANB made in 2009 to cover loan losses against SR60.3 million in 2008.
Hollandi has made loan loss provisions of SR1.25 billion in 2009 against SR77.6 million in 2008, based on the stock exchange data.-Reuters