Al-Rajhi Banking and Investment Corporation (ARABIC), Saudi Arabia’s second-largest listed bank, has reported a net income of $119 million during the first quarter of financial year 2003, which ended March 31. This represents a 50 percent rise, compared to the $79.6 million posted at for the corresponding period in 2002.
ARABIC’s General Manager Abdullah Al-Rajhi attributed the profit rise to an increase in the bank's earnings from international operations to about $250 million, reported AFP. The bank's assets rose slightly to $16 billion, its market capitalization to eight billion dollars and deposits to $12.08 billions.
ARABIC is one of the largest banks in the Middle East. The Corporation has a network of 390 branches distributed throughout the Kingdom, the largest ATM network of 870 machines and over 4500 POS installed with merchants all over the Kingdom. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
