Business | Banking
Saudi bank profits slip on higher provisioning
Lending to private sector rises marginally
- Gulf News Report
- Published: 00:00 July 13, 2010
Dubai: Five Saudi Arabian banks posted weaker results for the second quarter as provisioning for bad loans increased and loan growth slowed.
Bank lending to the private sector increased an annual 3.9 per cent in May, up from 2.4 per cent in April, the Saudi Arabian Monetary Agency, the country's central bank, said.
SABB
Saudi British Bank (SABB) posted a 34 per cent decline in second-quarter profit as the lender set aside more money to cover bad loans. Net income fell to 447 million riyals from 676 million riyals in the year-earlier period, the bank said.
ANB
Arab National Bank‘s (ANB) second-quarter net profit fell 16 per cent to 629 million Saudi riyals due to a decline in lending income. First-half earnings per share came in at 1.49 riyals versus 2.22 riyals in the year earlier.
SIB
Saudi Investment Bank (SIB) said provisions for loan losses led to a 88 per cent decline in net profit in the second quarter. The 22-million-riyal net profit was down from 188 million riyals a year ago. First-half earnings per share came in at 0.09 riyal versus 0.95 riyal a year ago.
BAB
Bank Al Bilad's (BAB) second-quarter net profit rose 22 per cent to 32.8 million riyals. First-half earnings per share came in at 0.28 riyal versus 0.16 riyal in the year-earlier period.
NCB
National Commercial Bank's (NCB) second-quarter net profit rose slightly to 1.23 billion riyals from 1.19 billion riyals a year ago.
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