Saudi Hollandi Bank Q1 Net Profit Up 29.3%, Beats Estimates - Gulf Business
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Saudi Hollandi Bank Q1 Net Profit Up 29.3%, Beats Estimates

Saudi Hollandi Bank Q1 Net Profit Up 29.3%, Beats Estimates

The bank attributed its increase in net profit to higher total operating income.

Saudi Hollandi Bank, the Kingdom’s oldest lender, posted a 29.3 per cent jump in first-quarter net profit on the back of higher operating income, it said on Wednesday, beating analysts’ expectations.

The lender said it made SAR538.9 million ($143.7 million) in the three months to March 31, compared to SAR417 million in the corresponding quarter of 2014, according to a bourse filing.

Four analysts surveyed by Reuters had forecast it would post, on average, a net profit of SAR472.9 million.

The bank attributed its increase in net profit to higher total operating income — which gained 23.1 per cent year on year to SAR931.7 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 SAR66.9 billion at the end of March, 17.3 per cent higher than the same point of 2014, and its deposit base gained 18.2 per cent over the same timeframe to SAR77.8 billion.

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