JEDDAH: Saudi Hollandi Bank beat analyst expectations after posting a 33 percent rise in fourth-quarter net profit on the back of a rise in operating income.

The lender, partly-owned by Royal Bank of Scotland, said in a bourse filing it made SR461.9 million ($123.1 million) in the three months to December 31, compared to SR347.3 million in the corresponding quarter of 2013.

Analysts surveyed by Reuters had forecast it would post, on average, a net profit of SR433.03 million.

The bank cited an increase in operating income, which rose 20 percent year-on-year to SR805.1 million in the fourth quarter, for the profit hike.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Its net profit for 2014 was SR1.82 billion, a 21.3 percent increase on the previous year, which it also attributed to a rise in operating income.