Al-Rajhi books $112m in Q2 provisions
Jeddah, July 28, 2010
Saudi Arabia's biggest lender Al-Rajhi booked SR422.1 million ($112.6 million) for loan losses during the second quarter, almost unchanged from SR421.6 million a year earlier, bourse data showed on Wednesday.
Al-Rajhi held its loan loss provisions for the second quarter steady year on year while Banque Saudi Fransi lowered them by 30 per cent, bourse data showed on Wednesday.
The data showed Saudi banks are pressing on with a clean-up of their loan portfolios after defaults by some local firms.
Banque Saudi Fransi lowered its provisions to 84 million riyals from 120 million. The smaller Aljazira Bank more than doubled its second-quarter provisions to 94 million riyals.-Reuters