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SHB posts strong results for the first half 2008

Saudi Hollandi Bank (SHB) reported a net profit of SR 608.6 million for the six month period ended 30 June 2008 , an increase from SR 381.95 mln, or of 59% over the same period last year. Earnings per share improved to SR 2.30 from SR 1.44.

The second quarter net profit for 2008 is SR 326.3 mln compares to SR 166.5 mln for the same period last year, representing a growth of 95%.

Chairman, Engr. Mubarak Al-Khafrah, commented that the Bank would seek to maintain its new-found momentum during the second half of the year.

Managing Director, Geoff Calvert stated that Saudi Hollandi Bank achieved this result through growth and improved efficiencies.  Total operating income increased from SR 860mln for the half year ended 2007 to SR 1067mln in 2008,resulting in  24% growth ,mainly due to a 22% increase in net special commission income, which grew from SAR 586 mln to SAR 717 mln.

Return on average equity at 30 June 2008 improved to 25.7% from 19.5% last year and return on average assets has improved from 1.9% to 2.2%.

The bank’s total assets at 30th June 2008 stood at SR 58.5 billion, an increase from 49.3 bilion in June 2007, representing a 19 % growth. Loans and advances and Customer deposits have also demonstrated growth in excess of 20%.

The Chairman thanked Saudi Hollandi Bank’s customers for their continuing support and the Bank’s staff for their commitment and dedication.

 

 
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