DUBAI: Saudi Hollandi Bank (SHB) posted a 20 percent increase in first-quarter profit on Sunday, in line with analyst estimates as it operating income also rose.

The bank made a profit of SR417 million ($111.19 million) in the three months to March 31, up from SR346 million a year earlier, according to a Saudi Arabia bourse filing.

Five analysts polled by Reuters on average forecast Saudi Hollandi would make a first-quarter profit of SR413.2 million.

The bank attributed its bigger profit to increasing operating income, which rose 30 percent to SR757 million.