20000131

Saudi's Rajhi Banking lifts '99 net 7 pct

RIYADH: Saudi Arabia's Al-Rajhi Banking and Investment Corp lifted its net profit seven percent in 1999 to 1.51 billion riyals ($402.7 million), a bank official said on Sunday.

The official said the bank proposed to distribute a total cash dividend of 1.260 billion riyals, or 28 riyals per share, to shareholders for 1999, compared with 1.125 billion riyals for 1998. The bank reported profits of 1.41 billion riyals in 1998.

The Riyadh-based bank operates according to Islamic law, which forbids the payment and receipt of interest.-Reuters