Saudi Hollandi sees growth in third-quarter profits

14 October 2014

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 kingdom’s 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 Hollandi’s 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 lender’s 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 bank’s results were also 4.8 per cent higher than profits recorded in the second quarter of this year.

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