x Abu Dhabi, UAESaturday 22 July 2017

Saudi Hollandi Bank's net profit up 35.6 per cent

Saudi Arabia's fourth-largest listed bank said its fourth-quarter profit rose due to higher operating income.

Saudi Hollandi Bank, Saudi Arabia's fourth-largest listed bank, said on Saturday its fourth-quarter net profit rose 35.6 per cent compared to the same period last year due higher operating income.

The lender said in a statement posted on the Saudi bourse's website it made 313.4 million riyals ($83.6 million) in the last three months of 2012 compared to 231.2 million in the last quarter of 2011.

Saudi banks have enjoyed successive years of expansionary government budgets, ample liquidity and improving corporate loan demand.

Operating profit for the fourth-quarter grew by 9.2 per cent to 550 million riyals, Saudi Hollandi said, and income from special commissions increased by 10.5 per cent to 345.1 million.

Saudi Hollandi's loans and advances portfolio climbed 20 per cent to 45.3 billion riyals.