RIYADH, 12 October 2003 — Al-Rajhi Banking and Investment Corp., Saudi Arabia’s largest listed bank, said its net profits rose to SR1.46 billion ($388.5 million) in the first nine months of 2003 from SR987 million a year earlier. A statement posted on the Saudi bourse website yesterday gave no further details.
The bank — with a market capitalization of SR38.9 billion as of Oct. 9 — made a 2002 net profit of SR1.41 billion compared with SR1.54 billion the previous year. The bank’s shares closed on the Saudi bourse yesterday ahead of the announcement down 1.16 percent at SR855.00 compared with a year high of SR884.00 earlier this month and a year low of SR565.50 in March.
Meanwhile, Banque Saudi Fransi (BSF) reported a 17.6 percent gain in nine-month net profits to SR882.4 million ($235.3 million) from the same period last year.
The bank said total assets increased 13.1 percent to SR49.4 billion in the first nine months of 2003. It said the bank’s capital stood at SR5.27 billion at the end of September. The bank made a 2002 net profit of SR1.01 billion compared with SR844.4 million the previous year. Its shares closed on the Saudi bourse yesterday ahead of the announcement down 0.25 percent at SR393.00 compared with a year high of SR448.00 in January and a year low of SR299.00 in March.
