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Cost cutting, operating income boosts Saudi Hollandi Bank H1 net profit

The Tadawul All-Share Index dipped 0.65 percent Tuesday and closed at6,713.18 points, as oil prices remained in a stutter mode, trading around $85.50 (U. S. crude, down 0.70%). Market bellwether and petrochemicals giant Sabic fell to the lowest level since September 2010, closing 0.85% lower at SR87.75. Saudi Hollandi Bank headed down by 0.40 percent to close at SR26.40. Earlier in the day, Saudi Hollandi reported that in the second quarter its net profit hit SR332.3m, representing a year-on-year increase of 26.2% or a quarter-on-quarter surge of 14.5%. Regarding the first half of 2012, net profit surged to SR622.3m, a whopping 24.1% compared to the corresponding period in 2011. Commenting on the performance, Saudi Hollandi said "The increase in net profits for the half year compared to the same period last year is attributable to higher operating income and lower operating expenses."