JEDDAH, 15 July — Saudi Hollandi Bank (SHB) reported a net profit of SR248.3 million for the first half of 2001, a 27 percent increase over the same period last year.
Increased loan demand from corporate and retail customers, excellent commission income and very good treasury results all contributed to its improved performance.
The major growth indicators as shown in the financial statements of the bank for the first six months of the year are:
Customer loans and advances up by 10 percent from SR9.63 billion in 2000 to SR10.56 billion in 2001, customer deposits up by 20 percent from SR13.99 billion to SR16.84 billion, total balance sheet up by 14 percent from SR20.83 billion to SR23.65 billion, income from operations up by 22 percent from SR413 million to SR503 million and net income up by 27 percent from SR195 million to SR248 million.
SHB Managing Director Henk Mulder expressed his satisfaction over the bank’s performance during the period said: “Such results put the bank on the right track for a further growth.” Expressing his
optimism toward the Saudi economy in general and the banking sector in particular, he said: “Loan demand in the coming years is likely to increase on account of new infrastructure projects and many recent measures taken to improve the direct and indirect foreign investment flows into the Kingdom.”
He added: “New product initiatives are underway, outstanding service and quality products continue to be the driving force for the bank, and morale of our dedicated staff is good, boding well for the remainder of 2001 and in years to come” he added.
The continuous upward growth in the bank performance over the past 10 years reflects the prudent strategies formulated and implemented by the board of directors, and the execution of these strategies by the bank management and staff. “This prosperous trend is expected to continue as a result of the ongoing commitment, from all levels of the bank, to serve the customer base with the highest level of quality financial products and services,” he added.
The dedication of the bank management and staff, which places SHB as the foremost runner among Saudi banks in the average growth of the net income, will prove to be instrumental in maintaining this upward momentum for its future success and affluence.
SHB is a Saudi bank quoted on the Saudi stock exchange with 39 branches, and 103 ATMs in the Kingdom. The bank at present has 1085 employees of which more than 70 percent are Saudis. ABN Amro bank owns 40 percent of the shares with the remainder being held by Saudi nationals.
