Saudi Hollandi Bank Q2 net profit rises 12.3 pct, beats forecasts

July 15, 2015 9:54 am


DUBAI, July 9 (Reuters) – Saudi Hollandi Bank, Saudi Arabia’s oldest lender, posted a 12.3 percent rise in second-quarter net profit on the back of higher operating income, it said on Thursday, beating analysts’ expectations.

The lender said it made 539.2 million riyals ($143.8 million) in the three months to June 30 compared to 480.3 million riyals in the corresponding quarter of 2014, according to a bourse filing.

Five analysts surveyed by Reuters had forecast it would post, on average, a net profit of 488.9 million riyals in the quarter.

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

Hollandi’s loans portfolio stood at 71.2 billion riyals at the end of June, 17.8 percent higher than at the same point in 2014, according to the statement.

The bank is aiming for faster loan growth this year than the 11 to 12 percent growth projected for the entire banking sector, managing director Bernd van Linder told Reuters in April.

Total operating income for the second quarter rose 13.8 percent to 923.4 million riyals, while profit from special commissions grew 17.3 percent to 563.8 million riyals. (Reporting by Tom Arnold; Editing by Andrew Torchia)

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Mujeeb Rahman
By Mujeeb Rahman
Journalist
Mujeeb Rahman is a business journalist at AMEinfo. His areas of focus include economy, markets, politics and international relations in MENA and Asia-Pacific regions. An ex-BBC digital journalist, he delves deeper into the subjects that matter most.



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