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Saudi’s Rajhi Bank nearly doubles provisions in Q3

Al-Rajhi booked loan provisions worth $373.3 million in the nine months to end September.

October 13, 2010 1:00 by

Al-Rajhi Bank has nearly doubled provisions during the third quarter to cover 122 percent of its total non-performing loans, the Saudi lender said after reporting an 8.6 percent fall in third quarter earnings.

Al-Rajhi booked   worth 1.4 billion riyals in ($373.3 million) the nine months to end September, it said in an email sent to Reuters on Wednesday, up from 781 million riyals in the first six months of the year.

(Reporting by Souhail Karam; Editing by Jason Benham)

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