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Sun 12 Oct 2008 05:42 PM

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Global crisis hits Saudi Investment Bank profit

Lender says profit fell 31% after making provisions for losses due to credit crunch.

Saudi Investment Bank, one of the kingdom's smallest lenders, said on Sunday its profit in the nine months to Sept. 30 fell 31 percent after it had to make provisions for losses due to the global crisis.

The bank made a net profit of 603 million riyals in the January-September period down from 868 million riyals ($231.5 million) a year earlier, it said in a statement posted on the bourse's website.

Net income from operations fell 22 percent to 983 million riyals, it added. "This decline is due to a decision by the bank to make provisions to confront any decline in a portion of its investment portfolio as a result of what happened in global markets," it said.

The bank made provisions worth 528 million riyals this year, it added. (Reuters)

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