Three Saudi lenders have booked provisions of loan losses during the second quarter, as the Saudi banking sector pushes on with a clean-up loan portfolios hit by defaults of local firms.
Samba Financial Group, the kingdom's second-biggest lender by market value, booked 57.4 million Saudi riyals (Dh56.19 million) for loan losses during the second quarter, down from 97.9 million riyals a year earlier, bourse data showed yesterday.
Samba's net profit fell 1.9 per cent in second-quarter net profit due mainly to a decline in income from lending."
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