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Saudi banks raise loan loss provisions
- Saudi Arabia: Thursday, July 23 - 2009 at 09:46
According to data released on the Saudi stock exchange, Banque Saudi Fransi has sharply increased provisions for loan losses during the second quarter, Reuters has reported. Fransi's audited financial statements show it had booked a little below SR10m in provisions for loan losses in the same period of 2008, SR46.1m in Q1 2009, and SR287.5m in Q4 2008, while Samba Financial Group, the country's second-largest lender by market value, had booked SR97.3m in provisions for loan losses during the second quarter, against SR37.8m in 2008, SR203m in the first quarter and SR141.6m in the fourth quarter of 2008.
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StaffThursday, July 23 - 2009 at 09:46 UAE local time (GMT+4)
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