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SABB bank books $93.7m in bad loan provisions for Q3

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 24 October 2009
BAD DEBT: SABB bank has been hit by provisions for loan losses during the third quarter. (Getty Images)
BAD DEBT: SABB bank has been hit by provisions for loan losses during the third quarter. (Getty Images)

SABB bank, HSBC's Saudi affiliate, booked SR351.5m ($93.7m) in provisions for loan losses during the third quarter, bourse data showed on Saturday.

SABB has reported a worse than expected 19.8 percent drop in third-quarter net profit, hit by an increase in provisions for bad loans.

The data also showed that Al-Jazira Bank made provisions for loan losses of SR115.7m during the third quarter, the lender's highest in at least one year, while Saudi Investment Bank (SAIB) booked SR60m for the same purpose, its the highest this year.

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Meanwhile, Samba Financial Group, Saudi Arabia's second-biggest lender by market value, booked SR76.9m ($20.5m) in loan provisions in the third quarter, bourse data showed on Saturday.

The provisions were the lowest in at least one year. The lender booked SR97.3m for loan losses in the second quarter and SR33.2m in the third-quarter of 2008.

The lender has posted a 0.7 percent rise in third-quarter net profit.

Banque Saudi Fransi, the Saudi affiliate of French Calyon, booked SR57.6m ($14.6m) in provisions for loan losses during the third quarter.

Fransi booked loan loss provisions worth SR119.9m in the second quarter of this year.

The bank has posted a 1.9 percent decrease in third-quarter net profit. (Reuters)

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