Saudi bank registers 6.6% drop in Q1 profit

RIYADH Saudi Investment Bank said its net profit for the first three months of 2009 fell by 6.6 per cent to SR241 million, the bank said. This compares with SR258m in the first quarter of 2008 and a net loss of SR91m for the fourth quarter last year, Saudi Investment Bank said in a statement yesterday. The net profit decline is due to lower fees on banking activities, the bank said.

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