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Saudi Hollandi Bank Meets Expectations With 6.6% Q3 Profit Gain

Saudi Hollandi Bank Meets Expectations With 6.6% Q3 Profit Gain

The lender said it made SAR461.8 million ($123.1 million) in the three months to September 30 compared with SAR433.3 million in the corresponding quarter of 2013.

Saudi Hollandi Bank, Saudi Arabia’s oldest lender, posted a 6.6 per cent gain in third-quarter net profit on Tuesday, in line with analyst expectations.

The lender, partly-owned by Royal Bank of Scotland, said it made SAR461.8 million ($123.1 million) in the three months to September 30 compared with SAR433.3 million in the corresponding quarter of 2013.

Five analysts surveyed by Reuters had forecast it would post, on average, a net profit of SAR465.9 million.

The bank attributed the rise to an increase in total operating income, which rose 21.2 per cent year-on-year to SAR808.7 million, without elaborating.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Saudi Hollandi’s loans portfolio stood at SAR63.4 billion at the end of September 2014, 19.1 per cent higher than the same point of 2013. Its deposit base gained 18.4 per cent year-on-year to SAR72.7 billion.

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