Results dip slightly compared with preceding quarter
Saudi-based Saudi Hollandi Bank has reported a 6.6 per cent increase in profits for the third quarter of this year, compared with the same period last year, a growth rate in line with wider trends in the kingdoms banking market.
Net profits hit SR461.8m ($123m), compared with SR433.3m recorded in the third quarter of 2013.
The results were slightly lower than those recorded in the second quarter, with the bank recording a 3.8 per cent decline.
Saudi Hollandis total assets at the end of September stand at SR91.6bn, an increase of 17.4 per cent on the same period last year.
The lenders loans and advances portfolio has also grown, rising to SR63.4bn in the first nine months of the year, marking an increase of 19 per cent on last year.
Other Saudi banks have posted their third-quarter results, with the majority reporting improved profits.
Banque Saudi Fransi reported net profits of SR926m, an increase of 35 per cent on the third quarter in 2013. The banks results were also 4.8 per cent higher than profits recorded in the second quarter of this year.
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