Saudi Hollandi Q3 net dives 51pc
Riyadh, October 17, 2009
Saudi Hollandi Bank posted a 51 per cent fall in third-quarter net profit on Saturday citing conservative policy.
Hollandi made SR150.3 million ($40.08 million) in the three months to end-September against SR306.2 million a year earlier, it said in a statement posted on the bourse's website.
The bank attributed the decline mainly to its 'conservative policy'. It did not elaborate but Saudi lenders have used this term to refer to the booking of provisions for possible loan losses.
Analysts at Bakheet Investment Group had expected net profit of SR305.1 million, according to a Reuters survey. – Reuters