RIYADH, 12 July 2004 — The Saudi Al-Rajhi Banking and Investment Corp. (ARABIC) said yesterday its profits in the first six months of 2004 rose by 49.5 percent. ARABIC posted a net profit of SR1.368 billion ($364.8 million) in the first half of 2004 compared to SR915 million ($244 million) in the same period last year, the bank said in a statement. CEO Abdullah Al-Rajhi said the positive results reflect a constant growth in the company’s operations.