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SHB’s net profit up 12.8%

DUBAI: Saudi Hollandi Bank (SHB), Saudi Arabia's eighth-largest listed bank, said yesterday its second-quarter net profit rose 12.8 percent on the back of higher operating income, beating analysts' forecasts.
The lender made a net profit of SR 374.8 million ($ 99.9 million) in the three months to June 30, compared with SR 332.3 million riyals in the corresponding quarter of 2012, it said in a bourse filing.
Five analysts surveyed by Reuters had forecast the bank would post, on average, a net profit of SR 346.4 million for the quarter.
The profit jump was boosted by a 25 percent year-on-year hike in second-quarter operating income, which was recorded as SR 693.7 million this year.
Meanwhile, profit from special commissions in the second quarter grew 19.8 percent over the same three months of 2012 to SR 411.8 million.
Net profit for the first six months of 2013 was SR 721 million, up 15.8 percent on the same period of last year, it said in the statement.
Saudi Hollandi's loans portfolio stood at SR 52 billion at the end of June, 24.1 percent higher than the same point of 2012.
Due to its robust loan growth from lending to small and medium-sized enterprises, Saudi Hollandi's loan book should grow significantly in 2013, Global Investment House said in a June 17 note.
Its deposit base gained 23.4 percent to SR 61.3 billion at the end of June 2013.

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