National Commercial Bank increases provisions

07 February 2010

Loan provisions increased by 17 per cent for fourth quarter

Saudi Arabia’s biggest lender by assets, National Commercial Bank (NCB) had increased provisions for loan losses in the fourth quarter by 16.7 per cent to SR607.9m ($162.1m), Reuters has reported. The bank had booked a total of SR2.47bn in provisions for loan losses for all of 2009, which is more than threefold the SR729.4m it took in 2008 to cover loan losses.

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