Saudi Hollandi Bank gains on rising profit for the nine months-period
- Saudi Arabia: Thursday, October 11 - 2012 at 08:44
The Tadawul All-Share Index closed 0.10% higher Wednesday, ending a three-day losing streak at 6,796.99 points. Shares of Saudi Hollandi Bank gained 1.15% to reach SR26.30. Earlier in the day, the lender said Net profit during the third quarter is SR317.2m compared to a net profit SR299.4m for the same quarter last year resulting in an increase of 5.9%, and a net profit of SR332.3m for the previous quarter resulting in a decrease of 4.5%. Net profit for 9 months was SR939.6m, representing a year-on-year increase of 17.3%. The lender said "The increase in net profits for the nine months compared to the same period last year is mainly attributable to higher operating income. The decrease in net profits for the third quarter compared to the previous quarter is due to higher operating expenses."
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