Saudi banking giant ARABIC profits plunge in first nine months
Al-Rajhi Banking and Investment Corp. (ARABIC), one of the largest expanding banking units in Saudi Arabia, said Wednesday October 10 its profits in the first nine months of 2001 dropped 10.9 percent.
ARABIC posted net profits of 1,267.7 million riyals ($338 million) to September 30 this year, compared to 1,422.9 million riyals ($379.4 million) in the same period last year, the bank said in a statement.
But total assets increased seven percent from $13 billion on September 30, 2000 to $13.92 billion at the end of September this year. General Manager Abdullah al-Rajhi attributed the drop in profits to the unfavorable conditions in world markets.
ARABIC has 368 branches and 666 ATMs in Saudi Arabia, making it the largest banking network in the kingdom. Saudi French Bank, meanwhile, announced a 23.6 percent jump in profits in the first nine months of 2001 to 624.7 million riyals ($166.5 million) on the corresponding period in 2000.
Total assets of the bank at the end of September rose 18 percent to 41.8 billion riyals ($11.15 billion), the bank said in a statement. The bank witnessed an improvement in activity and profitability in the third quarter of 2001 despite the world's economic slowdown and the continuing decline in international interest rates, it added. — (AFP, Riyadh)
© Agence France Presse
© 2001 Mena Report (www.menareport.com)