RIYADH: Saudi Hollandi Bank (SHB) has announced record annual profits for 2015, exceeding SR2 billion for the first time in its 90-year history.

The bank achieved a net profit of SR2.02 billion, a growth of more than 11 percent as compared to 2014, doubling its annual profits over the last five years, from a net profit of SR1.03 billion in 2011.

SHB’s Chairman Mubarak Al-Khafrah explained that the bank’s positive performance, which exceeded market expectations, was due to the growth and diversification of the bank’s products and services, leading to an outstanding improvement in the quality of business and forming a solid platform for growing and expanding income streams. These positive developments allowed the bank to achieve an increase of 13 percent in operating income, and an increase of 17 percent in net special commission income, compared to 2014.

He added that the bank’s assets recorded solid growth, reaching SR108.1 billion at the end of December 2015, compared to SR96.6 billion at the end of 2014, an increase of 12 percent. Total shareholder’s equity grew from SR10.7 billion to SR12 billion, while net earnings per share reached SR3.54 in 2015, compared to SR3.19 in 2014.

Referring to the bank’s achievements throughout 2015, Al-Khafrah focused on the improvements of the various banking services, including expansion of the branch network to 60 branches nationwide, more than 500 ATMs across the country, and an upgrade of the bank’s state-of-the-art electronic banking channels and digital applications.

“All of this, reinforced trust as being a bank of choice, and supported our base of customers, which was clearly reflected in the growth in customers’ deposits from SR76.8 billion at the end of 2014 to SR88.8 billion at the end of 2015, a growth of 16 percent. Similarly, our capital base underlines our solidity and strength, enabling our loans and advances portfolio to grow by 17 percent, reaching SR76.1 billion compared to SR65.2 billion a year earlier,” Al-Khafrah explained.

Additionally, the chairman pointed out that the bank’s strongest ever recorded results of 2015, are the right tribute to its 90th anniversary. “We’ve achieved these numbers despite the challenges and volatility in the global markets. This performance is a reflection of the bank’s confidence in the growth and strength of the Saudi economy and the proper strategy of the economic and financial reforms being undertaken by the Saudi government under the wise leadership of Custodian of the Two Holy Mosques King Salman. This confidence underpinned the recommendation by the board of directors to double the bank’s capital in the first quarter of 2016, from SR5.7 billion to SR11.4 billion,” said Al-Khafrah.

“With the record profits and steady growth of the bank, and with being among the most profitable banks, we will continue to develop our products portfolio and expand our activities, and focus on providing innovative products and solutions that exceed our customers’ expectations, while emphasizing on retail banking, and financing of small and medium enterprises,” explained Al-Khafrah.

The chairman thanked all the bank’s customers for their trust, its shareholders for their unwavering support, as well as the executive management, the board of directors and all the bank’s employees for their dedication and determination, contributing to these remarkable results.