Saudi Hollandi Q1 net profit up 19.4% to SR 346.3 million

Saudi Hollandi Bank (SHB) has said in its interim financial results for the three-month period ended March 31, 2013 that its net profit during Q1 was SR 346.3 million compared to SR 290.1 million for the same quarter last year resulting in an increase of 19.4 percent, and a net profit of SR 313.4 million for the previous quarter resulting in an increase of 10.5 percent, according to Tadawul website.
Giving the other results for the quarter, the SHB stated that its total operating income during Q1 stood at SR 583.9 million compared to SR 539.9 million for the same quarter last year, an increase of 8.1 percent.
Net special commission income during Q1 stood at SR 351.9 million compared to SR 322 million for the same quarter last year, an increase of 9.3 percent.
Net earning per share during the 3 months was SR 0.87 compared to SR 0.73 for the same period last year.
Total assets as at March 31, 2013 stood at SR 72.7 billion compared to SR 59.8 billion for the same period last year, an increase of 21.6 percent, and total investments as at March 31, 2013 stood at SR 14.7 billion compared to SR 11.6 billion for the same period last year, an increase of 26.7 percent. Loans and advances portfolio as at March 31, 2013 stood at SR 48.7 billion compared to SR 39.7 billion for the same period last year, an increase of 22.7 percent. Customer deposits as at March 31, 2013 stood at SR 56.6 billion compared to SR 47.3 billion for the same period last year, an increase of 19.7 percent.
The increase in net profit during the current quarter compared to the same quarter last year is mainly attributable to the increase in operating income.
The increase in net profit during the current quarter compared to the previous quarter is mainly attributable to the increase in operating income.