Riyad Bank (RB) posted a net profit of 1.4 million Saudi riyals ($373 million) for the year 2002, an increase of approximately five percent from the previous year figure of SR 1.3 million.
The Board of Directors recommended to the General Assembly the distribution of SR 1.2 million as dividends for the whole year of 2002, representing SR 15.5 per share.
RB was established in 1957, with an initial capital of SR 50 million, as a full service commercial bank. The Saudi private sector owns 71 percent of the bank and the balance is held by Saudi government agencies. Its main activity is providing commercial banking services through its network of 193 branches in Saudi Arabia, in addition to its overseas branches and subsidiaries in London, Houston and Singapore. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
