Saudi Investment Bank (SAIB) booked SR434.6 million ($115.9 million) in provisions for loan losses in the fourth quarter, the highest in 2009, official data showed.

The fourth-quarter provisions brought to SR554.6 million the amount of cash SAIB has set aside to cover loan losses in 2009, down from SR997.5 million in 2008, according to data on the bourse website.

SAIB, which received two rating downgrades in June, posted a 20.2 per cent rise in its fourth-quarter net loss after booking the provisions.-Reuters