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Saudi Hollandi net profit up 3.5pc

Riyadh, April 10, 2011

Saudi Hollandi Bank, partly owned by Royal Bank of Scotland, reported a 3.5 percent rise in first-quarter net profit, but missed forecasts.

Hollandi was among three banks reporting higher quarterly profits or returning to black on Sunday, while a fourth bank posted a profit decline.

Hollandi made a net profit of 238 million riyals ($63.5 million) in the three months to end-March, up from 230 million riyals a year earlier, the lender said in a  statement to the bourse.

Five analysts surveyed by Reuters had estimated the bank to post an average of 270.7 million riyals for the quarter.

Operational income grew 3.8 percent to 485 million riyals, while special commissions climbed 1 percent in the first quarter to 310.8 million riyals.

The loans portfolio declined 9.5 percent to 32.9 billion riyals, while deposits fell 7 percent to 39.5 billion riyals, the firm said in the statement.   

Separately, Bank AlBilad reported a rise in profit to 55.5 million riyals in the first quarter, up from 52.6 million riyals a year earlier.

Alinma Bank said it made 70 million riyals in the first quarter, compared to a loss of 75 million riyals a year earlier.

Arab National Bank posted a 7 percent decline in  net profit to 587 million riyals in the first quarter, attributing it to increased operational costs. - Reuters




Tags: profit | Saudi Hollandi | Royal Bank of Scotland |

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