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Bank Al-Jazira Lowers Fourth-Quarter Loan-Loss Provisions 75%

Feb. 21 (Bloomberg) -- Bank Al-Jazira, Saudi Arabia’s smallest lender by market value, reduced provisions for bad loans by 75 percent in the fourth quarter.

Provisions dropped to 65 million riyals ($17 million) in the three months ended Dec. 31, from 257 million riyals a year earlier, according to data posted on the Saudi bourse website today.

On Jan. 17, Bank Al Jazira said its fourth-quarter loss narrowed to 27 million riyals, from 266 million riyals in the year-earlier period.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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