(MENAFN - Qatar News Agency) The Board of Directors of Saudi Riyadh Bank has decided to distribute to shareholders profits amounting to SR 1,125 million for the second half of the year 2011, compared to SR 825 million for the first half of the year.
The Board's Chairman Rashed Al-Abdulaziz Al-Rashed said that the Bank's profits amounted to SR 1,950 million for the year 2011.
Riyadh Bank is one of the largest financial institutions in Saudi Arabia and the Middle East, with a strong corporate and retail banking franchise.
Standard & Poor s Rating Agency raised its long-term liability rating for Riyad Bank to A and A-1 for short-term liability. This award followed, an A rating for long-term liabilities and F1 credit ratings awarded for short-term liabilities, by Fitch Ratings.
Additionally, Capital Intelligence Agency has awarded the Bank (AA-) for long-term liabilities and (A) for short-term liabilities. These agencies have affirmed these ratings after confirming a stable outlook for the Bank.