Saudi Hollandi posts $117m Q4 loss
Riyadh, January 10, 2010
Saudi Hollandi Bank posted a SR439.4 million ($117.2 million) loss in the fourth quarter which it attributed to unspecified provisions.
Hollandi - which is partly owned by Royal Bank of Scotland (RBS) had a net profit of SR308.9 million in the prior-year period, it said in a statement on the bourse website.
For 2009, Hollandi made a net profit of 85.9 million riyals down from 1.22 billion riyals in 2008. 'The decline in net profit is mainly due to the bank's conservative policy aimed at continuing to boost provisions,' it added.-Reuters