Riyad Bank sets aside SAR 460 mln provisions in H1

Riyad Bank has set aside SAR 460 million provisions in the first half of 2014, and will apply SAMA’s new consumer lending regulations, said a top official.
 

The bank’s Deputy Chief Executive Officer Abdulaziz Al-Furaih was speaking to Al-Arabiya TV, and said his bank is committed to the new consumer lending rules issued by Saudi Arabian Monetary Agency (SAMA).

Al-Furaih expected such regulations to have a positive impact on customers and the banking sector at large.

Riyad Bank posted SAR 1136 million net profit in the second quarter of 2014, 17 percent higher than the same period last year.