From Gulf-daily-news.com: Saudi-based banks SABB and Riyad sharply raised provisions for loan losses during the second quarter, pressing on with a clean-up of their loan portfolios after defaults by some local firms.
Riyad raised provisions for loan losses by 105.4 per cent to 196.2 million riyals ($52.3m) during the second quarter while SABB booked 504m riyals for the same purpose, more than 60pc above the year-earlier period, stock exchange data showed yesterday……………………………………….Full Article: Source