JEDDAH, 14 October 2003 — Saudi Hollandi Bank (SHB) has reported a net profit of SR445.6 million for the nine-month period ended Sept. 30, 2003, marking a four percent increase over the corresponding period last year.
Its financial statements published yesterday also reported that the shareholders’ equity was SR2.5 billion, nine percent more than the SR2.3 billion reported during the period last year. Earnings per share were SR23.5 compared to SR22.7 for the corresponding period of 2002 where the return on shareholders’ equity reached 25 percent. Assets this year amounted to SR26.9 billion, representing a two percent increase over the SR26.2 billion last year. Loans and advances increased by 11 percent from SR11.7 billion last year to SR13 billion.
SHB Managing Director Peter Baltussen said that increase in the bank’s net profit came as expected since the bank was embarking on various projects to streamline its activities and enhance its overall performance. He expressed his optimism for the bank’s future performance.
“The bank is undergoing major enhancement initiatives in all its main business lines to reinforce its position in the local market. These changes include the already adopted strategic change program (SCP) supported by the latest technologies in banking automation and extensive training for existing work force, and the new management trainee program for the bank’s new entrants who will acquire new positions within the bank at mid management levels after their graduation,” Baltussen added.
“The bank is in the process of upgrading all its branches. It recently launched a preferred banking initiative ‘Van Gogh’ for private affluent customers. This wealth management program will enable Van Gogh customers to access a global network of preferred banking centers and international banking professionals as well as a unique package of wealth management and investment products and services. The bank has also introduced the first chip card in the Kingdom under the name ‘SMART Card,’ which came in line with the bank’s continuous drive to innovate its product mix. “A bank-wide service quality initiative is being implemented to ensure that customer satisfaction will remain the best in the banking sector,” he said.
