Saudi Hollandi profits rise 88 per cent

07 October 2008
Saudi Hollandi Bank has reported an 88 per cent increase in profits to SR306m ($81.6m) for the three months to the end of September due to a rise in commission income.

Commission income grew by 21 per cent in the first nine months of the year to SR1.08bn, and total assets held by the bank rose to SR61.5bn by the end of September.

The bank says customer deposits rose by 40 per cent during the first nine months of the year to SR38.5bn. However, this was outpaced by loans and advances growth, which rose 45 per cent to SR44.6bn by the end of September.

The bank is 40 per cent owned by Royal Bank of Scotland following its acquisition of ABN Amro in 2007, which previously owned the stake.

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