SHB Posts Steady Results for First Quarter2009
Saudi Hollandi Bank (SHB) reported net profit of SR 284.4 million for the 3
month period ended 31 March 2009. This is marginally higher (by 0.7%) than the
corresponding period last year.
Engr. Mubarak Al-Khafrah, SHB's Chairman,
said: "after a very good year in 2008, SHB continues to perform steadily. The
first quarter numbers are satisfactory and we are on track for another good year
in 2009.
Managing Director, Geoff Calvert said: “SHB’s pre-provision
profit rose by over 13% in the first quarter. The bank has seen good growth in
operating income and management have continued to exercise strong controls over
operating cost growth.” He added that “SHB is conservatively provided towards
its credit and investment portfolios.”
Capital adequacy has improved to
13.2% from 12.7% as at December 2008, through conservative balance sheet
management. The Balance Sheet has grown by over 18% since 31 December 2008; this
growth has largely been liability-driven, resulting in an increase in low risk
liquid assets. Loans and advances increased by 3% over the quarter, to SR 39.3
billion as at 31 March 2009, compared with SR 38 billion as at 31 December
2008. |
