Complex Made Simple

Saudi Hollandi lowers provisions for bad loans by 27%

Saudi Hollandi Bank has reduced the amount of provisions set aside to cover bad loans by 27% in the second quarter, Bloomberg has reported. Provisions were cut to SR33.4m ($8.9m) in the three months ending June 30 from SR45.5m in the previous quarter. The lender had said on July 10 that Q2 profit almost tripled to SR250.5m from SR90.6m a year earlier on lower operating expenses.