Saudi Hollandi Bank Q1 Net Profit Rises 20%

The bank made a profit of 417 million riyals ($111.19 million)in the three months to March 31, according to a bourse statement.



Saudi Hollandi Bank posted a 20 per cent increase in first-quarter profit on Sunday, in line with analyst estimates as its operating income also rose.

The bank made a profit of 417 million riyals ($111.19 million) in the three months to March 31, up from 346 million riyals a year earlier, according to a Saudi Arabia bourse filing.

Five analysts polled by Reuters on average forecast Saudi Hollandi would make a first-quarter profit of 413.2 million riyals.

The bank attributed its bigger profit to increasing operating income, which rose 30 per cent to 757 million riyals.