SHB Shares Jump as Profit Up 31 Percent

RIYADH, 20 April 2008 — Saudi Hollandi Bank (SHB) shares jumped 8.45 percent to SR54.50 yesterday after SHB reported 31 percent increase in its net profit of SR282.4 million for the three month period ended March 31, compared to SR215.4 million for the same period in 2007. The increase was driven by excellent growth in both the bank’s investment and lending portfolios and in fee income — principally associated with Trade Finance — coupled with strong performances in treasury and foreign exchange. SHB Managing Director Geoff Calvert said that Saudi Hollandi Bank maintains a strong financial position with an increase in operating profit of 18 percent to SR311.6 million for the quarter ended March 2008.

The bank’s total assets stood at SR58.96 billion, an increase of 21 percent over the previous year’s SR48.52 billion, reflecting an increase of 42 percent in the investment portfolio to SR14.71 billion and a 15 percent increase in loans and advances to SR30.70 billion compared to SR26.62 billion in the same period of 2007. Customer deposits also demonstrated strong growth at 19 percent and stood at SR38.71 billion at March 31, compared with SR32.41 billion as at March 31, 2007.