Riyad Bank sets $240mn investment provision
by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 20 January 2009
Saudi Arabia's Riyad Bank has allocated about 900 million riyals ($240 million) in provisions after revaluating its investments portfolio, a top executive said on Tuesday.
"The allocations were about 900 million riyals ... such provisions have to be made at the end of the year because we have to revaluate the investment portfolio", Mohammad Rabea, first deputy chairman of the bank, told Al Arabiya television.
"This is only precautionary ... Our investments are solid and strong and are rated A+ and B+", he said, adding that they include domestic and foreign securities.
The lender said on Monday its fourth-quarter net profit fell 33 percent to 529 million riyals ($141.1 million) compared to the year-earlier period, below analysts' forecasts. (Reuters)
READERS' COMMENTS
MORE FROM ARABIANBUSINESS.COM
TOP IN MIDDLE EAST BANKING & FINANCE
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST BANKING & FINANCE
LATEST MIDDLE EAST BUSINESS NEWS
- Travel & Hospitality: ADNH sees net profit up by 28% but hotels suffer
- Politics & Economics: Abu Dhabi economy seen growing 4% in 2010
- Culture & Society: Philippines cancels licences after Dubai jobs scandal
- Transportation: Etihad set to receive new cargo aircraft in 2010
- Energy: Saudi Aramco sees gas supplies up by 30% by 2014
SHARE PRICE CHECK
RELATED STORIES
Riyad Bank
- Doubts persist after Saudi banks book more provisions
24 Oct '09 | News - Saudi Mobily refinances SR1.5bn Islamic loan
11 Oct '09 | News - NBK cuts fair value estimates on 4 Saudi banks
23 Sep '09 | News




