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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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