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Mon 11 Jan 2010 11:52 PM

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Saudi Al Jazira Bank Q4 loss up, ANB profit falls

Additional provisions put in place by banks have resulted in bank's Q4 profits falling.

Saudi's Al Jazira Bank widened its losses for the fourth quarter by 189 percent while smaller rival Arab National Bank saw net profit falling 31.8 percent, the lenders said.

Saudi's Al Jazira Bank said it posted a net loss of $70.93 million in the fourth quarter, up from a loss of $24.5 million in the same quarter a year ago, according to a statement posted on the bourse website.

Arab National Bank posted $78.9 million in net profits compared to $155.7 million during the same period a year earlier.

In a statement, the bank said: "The reason behind the decline in profits compared to the same period last year is due to additional provisions in line with the bank's conservative policy."

On Sunday, three Saudi banks posted fourth quarter earnings below forecasts, with Saudi Hollandi Bank making its first quarterly loss in two years. (Reuters)

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