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Tuesday, 24 November 2009 04:42 UAE time

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Saudi Hollandi Bank posts 51% fall in Q3 profits

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 17 October 2009
Q3 PROFITS: Saudi Hollandi Bank made SR150.3m in the three months to end-September.
Q3 PROFITS: Saudi Hollandi Bank made SR150.3m in the three months to end-September.

Saudi Hollandi Bank posted a 51 percent fall in third-quarter net profit on Saturday citing conservative policy.

Hollandi made SR150.3m ($40.08m) in the three months to end-September against SR306.2m a year earlier, it said in a statement posted on the bourse's website.

The bank attributed the decline mainly to its "conservative policy". It did not elaborate but Saudi lenders have used this term to refer to the booking of provisions for possible loan losses.


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Analysts at Bakheet Investment Group had expected net profit of SR305.1m, according to a Reuters survey (Reuters)

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