RIYADH, 20 April 2004 — Saudi Hollandi Bank (SHB) has recorded a net profit of SR163.9 million, up 18 percent for the quarter ended March 31, 2004 against SR139 million for the corresponding period.
“Financial results for this quarter reflected the bank’s consistent growth in profit and its deposit base,” said the Managing Director of the bank Peter Baltussen. While the bank continues to diversify its income sources, he added that it was able to maintain an average annual growth rate of 20 percent in the net profit over the last five years.
Shareholders’ equity has increased by 11.5 percent from SR2.4 billion on March 31, 2003 to SR2.7 billion as at March 2004 while earnings per share reached SR6.5. During the same period customers’ deposits have reached SR23.1 billion up 13 percent from SR20.4 billion.
The investment portfolio has grown by 19.3 percent to reach SR7.4 billion from SR6.2 billion. The bank has opened three centers in three regions and further plans to increase them to six before the end of this year. It has secured a number of mandates for financing and advisory services and the recent such deal is the Lukoil transaction which amounted to $215 million.
SHB recently increased its share capital from SR945 million to SR1.26 billion by distribution to its shareholders one bonus share for every three shares held. ABN Amro bank of Netherlands owns 40 percent of the bank’s total shares in issue.