Saudi Hollandi Bank (AAAL), partly owned by ABN Amro Holding NV, posted a 2.7 percent increase in fourth- quarter profit, missing analysts’ estimates.
Net income rose to 231 million riyals ($62 million) from 225 million riyals, the Riyadh-based lender said in a statement to the Saudi bourse today. The mean estimate of five analysts was for 265 million riyals while the median estimate was for 247 million riyals, according to data compiled by Bloomberg.
Saudi Hollandi’s profit gained “because of a decrease in operating expenses,” the bank said in the statement. Fourth- quarter operating profit rose 4.1 percent to 504 million riyals.
The bank’s total loans rose 7.7 percent to 37.7 billion riyals as of Dec. 31, while its customer deposits increased 8.2 percent to 45 billion riyals at the end of the year, it said. Assets rose 6.8 percent to 57.5 billion riyals.
Full-year earnings per share were 3.12 riyals, compared with 2.39 riyals a share a year earlier, according to the bank’s statement.
Saudi Hollandi’s shares weakened 0.7 percent to 29.30 riyals before the earnings were announced, giving the bank a market value of 9.7 billion riyals. The stock gained 1.4 percent last year, its first yearly gain since 2005.
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