Saudi Hollandi Q4 net profit up 35.6%

JEDDAH: Saudi Hollandi Bank, Saudi Arabia’s fourth-largest listed bank, said its fourth quarter net profit rose 35.6 percent compared to the same period last year due higher operating income.
The lender said in a statement posted on the Saudi bourse’s website it made SR313.4 million ($83.6 million) in the last three months of 2012 compared to 231.2 million in the last quarter of 2011.
Saudi banks have enjoyed successive years of expansionary government budgets, ample liquidity and improving corporate loan demand.
Operating profit for the fourth-quarter grew by 9.2 percent to SR550 million, Saudi Hollandi said, and income from special commissions increased by 10.5 percent to 345.1 million.
Saudi Hollandi’s loans and advances portfolio climbed 20 percent to SR45.3 billion.