JEDDAH: Saudi Investment Bank (SAIB) made a net profit of SR238 million ($63.5 million) in the fourth quarter after posting a loss a year earlier. Profit from special commissions or lending income rose 20 percent to SR324 million in the fourth quarter compared to a year earlier, the bank said statement on the bourse website Saturday. The bank had suffered a net loss of SR109 million in the fourth quarter of 2009, it said. The lender did not say whether it booked provisions for the fourth quarter. Fourth-quarter operational income reached SR412 million, down 12 percent from a year earlier. SAIB had booked SR434.6 million in provisions for loan losses in the fourth quarter of 2009. Three lenders posted fourth-quarter results above forecasts Wednesday.
