Saudi Hollandi Bank Posts 22 Percent Q1 Net Profit Rise

Saudi Hollandi Bank Posts 22 Percent Q1 Net Profit Rise

Saudi Hollandi Bank posted a 21.9 percent rise in first-quarter net profit on higher operating income and lower expenses, but missed analysts' expectations for the first three months of the year

April 11, 2012 9:50 by kippreport

Saudi Hollandi Bank posted a 21.9 percent rise in first-quarter net profit on higher operating income and lower expenses, but missed analysts’ expectations for the first three months of the year.

The bank made 290 million riyals ($77.3 million) in the first quarter, it said on Tuesday, compared to 238 million riyals for the same period a year ago.

Six analysts canvassed by Reuters had forecast, on average, that the bank would record a net income of 318 million riyals in the first quarter.

The bank attributed the result to lower operating expenses and higher operating income, which rose 11.3 percent to 540 million riyals from 485 million riyals in the first three months of 2011, it said in a statement posted on the website of the Saudi bourse.

Saudi Hollandi Bank said its net income from special commissions rose 3.6 percent to 322 million riyals, total assets rose 18 percent to 60.2 billion riyals and loans and advances rose 22.2 percent to 40.2 billion riyals.

($1 = 3.7502 Saudi riyals)

(Reporting by Angus McDowall; Editing by David French)