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Saudi British Bank Q3 profit falls 20%
- Saudi Arabia: Wednesday, October 14 - 2009 at 09:18
Saudi British Bank, 40% of which is owned by HSBC Holdings, has reported a 20% drop in third-quarter profit, after the bank tightened lending and increased provisions for bad loans, Bloomberg has reported. The lender's net income declined to SR570m ($152m), compared to SR711m in the year-earlier period. The bank had increased provisions 'for possible credit losses' by SR505m during the first nine months of the year, from the same period in 2008.
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StaffWednesday, October 14 - 2009 at 09:18 UAE local time (GMT+4)
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