Saudi Hollandi Bank announces the initial financial
results for the 12 month period ended 31/12/2009.
Saudi Hollandi Bank announces the initial financial results for the
period ended 31/12/2009 as follows:
1. Net loss during the 4rth quarter
was SR 439.4 million compared to a profit of SR 308.9 mln for the same
quarter last year, a 242% decrease, and a net profit of SR 150.3
mln for the previous quarter, a 392% decrease.
2. Total operating income for the 4rth
quarter stood at SR 515.8 mln compared to SR 518 mln for the same
quarter last year, a decrease of 0.5%.
3. Net special commission
during the 4rth quarter stood at SR 391.4 mln compared to SR 368mln for
the same quarter last year, an increase of 6.4%.
4. Net
profit for the 12 months ended 31st December 2009 was SR 85.9
mln compared to SR 1223.7mln for the same period last year, a decrease
of 93%.
5. Net earnings per share for 12 months was SR 0.26
compared to SR 3.70 for the same period last year, a decrease of 93% as the
share profit calculation was based on the average number of shares following
the capital increase in 2009.
6. Total operating
income for the 12 months stood at SR2146.6 mln compared to SR 2111.2 mln
for the same period last year, an increase of 1.7%.
7. Net
special commission during the12 months was SR 1570 mln compared to
SR1445mln for the same period last year, an increase of
8.65%.
8. Total assets as at December 2009 stood at SR
59.1 billion compared to SR 61.4 billion as at December 2008 a
decrease of 4%, and total investments stood at SR 12.2 billion
compared to SR 18.4 billion as at the same period last year, a
decrease of 34%. Loans and advances portfolio as at December 09
stood at SR 35.6 billion compared to SR 38 billion as at the same period last
year, a decrease of 6%. Customer deposits stood at SR 44.8 billion
compared to SR 43 billion as at last year same period, an increase
of 4%.
9. The decrease in net profits is mainly attributable to the
Bank's conservative policy aiming at continuing the provisioning support and
consequently enhancing the Bank's financial position.
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