The Al-Rajhi Banking and Investment Corporation (ARABIC) experienced a 16.7 percent drop in profits in 2001, down from 1.9 Saudi Riyals ($411 million) in 2000 to SR 1.5 million this past year.
The Saudi-based financial institution attributed its losses to the increasing popularity of electronic banking services and the downward turn in world markets, a company statement said. ARABIC’s total assets reached approximately $14 billion in 2001, while revenue generated from operations reached SR 3.5 billion ($933 million).
ARABIC is one of the largest joint stock companies in the Kingdom, with a paid up capital of SR 2.3 billion. The bank’s head office is located in Riyadh and there are six regional offices throughout the country. The Corporation has the largest branch network of 365 branches distributed throughout the Kingdom, the largest Automated Teller Machine (ATM) network of 457 machines, and 2283 Point Of Sales (POS) installed with various merchants. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
