RIYADH, 26 January 2007 — Saudi Hollandi Bank (SHB) reported a net profit of SR952.8 million ($254 million, 196.1 million euros) for 2006, a 9.4 percent year-on-year decrease, the bank said yesterday. The lower result was attributed to a 9.2 percent decrease in net profit for the fourth quarter of 2006 and a SR274 million ($73.1 million, 56.4 million euros) provision made by the bank for non-performing loans in the second quarter of the year. Return on equity (ROE) stood at 24.3 percent, down from 31 percent, and return on assets (ROA) decreased to 2.2 percent from 2.87 percent. The bank’s earnings per share (EPS) fell to SR4.32 from SR4.77 a year ago. Operating profit rose 13 percent to SR1.946 billion ($519 million, 400 million euros). Loans and advances soared 11.4 percent to SR23.8 billion ($6.346 billion, 4.897 billion euros). Total assets rose 17 percent to SR46.7 billion ($12.451 billion, 9.61 billion euros).
Employees’ Health Insurance Reviewed
JEDDAH, 26 January 2007 — The General Secretary of the Council of Cooperation Health Insurance Abdullah Al-Sharif and the General Director of Business and Committees sector at the Jeddah Chamber of Commerce & Industry (JCCI) Adnan Mandoura, along with officials of many insurance and health care companies, held a meeting on Wednesday to discuss stages of applying the cooperative health insurance system. Al-Sharif said that the first stage involving big companies — employing more than 500 employees — was finalized. The second stage for those companies employing less than 500 employees will be shortly applied. The council authorized around 550 medical centers in the Kingdom and trained more than 20 health insurance companies.
