Riyad Bank sets $240mn investment provision

SAVING UP: Riyad Bank's Q4 net profit fell 33% to $141.1mn. (Getty Images)

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)

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