Saudi Investment Bank (SAIB) has booked SR434.6m ($115.9m) in provisions for loan losses in the fourth quarter, the highest in 2009, Reuters has reported. The fourth-quarter provisions brought to SR554.6m the amount of cash SAIB has set aside to cover loan losses in 2009, down from SR997.5m in 2008. SAIB, which received two rating downgrades in June, posted a 20.2% rise in its Q4 net loss after booking the provisions.
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