Saudi's Al Rajhi Bank posts sixth straight drop in quarterly profit

[rss]

* Q4 net profit down 1.8 pct year on year * Sixth straight quarterly profit drop * Trims H2 2014 dividend to 0.75 riyals/share * Shares down 2.7 pct in opening minutes of trading (Recasts, adds analyst comment, context) DUBAI, Jan 15 (Reuters) - Al Rajhi Bank, Saudi Arabia's second-largest listed lender, posted a 1.8 percent drop in its fourth-quarter net profit, marking the sixth straight drop in quarterly profit for the sharia-compliant institution. Saudi lenders are facing strong headwinds as net interest income comes under pressure from weakening loan growth and fierce competition, especially in the retail market. Al Rajhi made 1.52 billion riyals ($405 million) in the three months to Dec. 31 compared with 1.55 billion riyals in the same period a year earlier, it said in a statement on Thursday. Al Rajhi said its board was recommending a 0.75 riyal per share cash dividend for the second half of 2014, down from the 1 riyal per share which the bank paid for the second half of 2013.

أكثر... (https://en-maktoob.news.yahoo.com/saudis-al-rajhi-bank-posts-sixth-straight-drop-082228513--sector.html)