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Saudi Hollandi Bank Q4 Net Profit Up 33%, Beats Forecasts

Saudi Hollandi Bank Q4 Net Profit Up 33%, Beats Forecasts

The bank cited an increase in operating income, which rose 20 per cent year-on-year, for the profit hike.

Saudi Hollandi Bank, Saudi Arabia’s oldest lender, beats analyst expectations after posting a 33 per cent rise in fourth-quarter net profit on the back of a rise in operating income.

The lender, partly-owned by Royal Bank of Scotland, said in a bourse filing it made SAR461.9 million ($123.1 million) in the three months to December 31, compared to SAR347.3 million in the corresponding quarter of 2013.

Analysts surveyed by Reuters had forecast it would post, on average, a net profit of SAR433.03 million.

The bank cited an increase in operating income, which rose 20 per cent year-on-year to SAR805.1 million in the fourth quarter, for the profit hike, without elaborating.

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

Its net profit for 2014 was SAR1.82 billion, a 21.3 per cent increase on the previous year, which it also attributed to a rise in operating income.

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