Saudi Hollandi Q4 net up 2.7pc
Riyadh, January 14, 2012
Saudi Hollandi Bank said its fourth quarter net profit edged up 2.7 per cent on the year to SR231 million ($61.6 million) due to a fall in operating expenses, in a statement on Saturday.
However, earnings fell 22.7 per cent compared to the third quarter net profit, which the bank attributed to declining operating income, in the statement posted on the bourse website.
Saudi Hollandi Bank, the oldest bank in the world's top oil exporter, said earnings per share over the 12 months of 2011 were SR3.12, compared to 2.39 in 2010.
The firm, which is partly owned by the Royal Bank of Scotland , is currently the eighth largest bank in the kingdom by market capitalisation.
Total operating profit for the period rose 4 per cent to SR508 million from SR484 million in the fourth quarter of 2010, it said.
Profits from special commissions rose by SR2 million to SR314 million, while loans and advances rose nearly 8 per cent to SR37.7 billion, it said.
Assets for the three month period increased nearly 7 per cent to SR57.5 billion.
Last week, the regulator said Saudi Hollandi Bank had won approval for a capital increase through bonus shares to help support its growth. The 20 per cent increase will will lift the bank's capital to SR3.97 billion.-Reuters