Saudi Hollandi Bank posts SR284.4m profit

RIYADH, April 20, SPA -- The Saudi Hollandi Bank (SHB) reported net
profit of SR284.4 million for the three-month period ended March 31.
This is marginally higher (by 0.7 percent) than the corresponding
period last year.


Mubarak Al-Khafrah, SHB’s chairman, said: “After a very good year in
2008, SHB continues to perform steadily. The first quarter numbers
are satisfactory and we are on track for another good year in 2009.”


Managing Director Geoff Calvert said: “SHB’s pre-provision profit
rose by over 13 percent in the first quarter. The bank has seen good
growth in operating income and management have continued to exercise
strong controls over operating cost growth.”


He added, “SHB is conservatively provided toward its credit and
investment portfolios.”


Capital adequacy has improved to 13.2 percent from 12.7 percent as
at December 2008, through conservative balance sheet management.


The balance sheet has grown by over 18 percent since Dec. 31; this
growth has largely been liability-driven, resulting in an increase in
low risk liquid assets. Loans and advances increased by three percent
over the quarter, to SR39.3 billion as at March 31, compared with
SR38 billion as at Dec. 31, 2008, according to a press release
published today by Arab News.

--SPA