JEDDAH – Saudi Hollandi Bank posted a 26.2 percent increase in its second-quarter net profit due to higher operating income and lower costs, the firm said in a bourse statement Tuesday, beating analysts' average forecast. Saudi Hollandi, the eighth-largest lender in the Kingdom, made a net profit of SR332.3 million ($88.6 million) in the three months ending June 30, compared with SR263.3 million in the same period a year earlier. The bank attributed the result to lower costs and higher operating income, which rose by 12.1 percent in the second quarter to SR554.9 million from SR495.2 million in the same period a year earlier. Net profit for the first half of the year was SR622.3 million, Saudi Hollandi said, a 24.1 percent increase on the SR501.3 million the bank made in the corresponding period of 2011. Income from special commission rose by 12.2 percent to SR343.8 million from SR306.5 million. Customer deposits, at the end of June, stood at SR49.6 billion, up 21.9 percent on the SR40.7 billion figure reported at the same point of 2011. Loans and advances jumped 20.1 percent year-on-year, with the bank lending SR41.9 billion by June 30 versus SR34.9 billion one year previously. Meanwhile, Alinma Bank said its net income surged 91 percent in the second quarter compared to the same period last year due to significant growth in the banking activities. Net income for the second quarter amounted to SR179 million, compared to net income of SR102 million for the same quarter of previous year with an increase of 75 percent, and compared to a net income of SR150 million for the previous quarter with an increase of 19 percent. Total operating income for the second quarter amounted to SR484 million compared to SR307 million for the same quarter of previous year with an increase of 58 percent. Net income from investments and financing activities for the second quarter amounted to SR346 million compared to SR278 million for the same quarter of previous year with an increase of 24 percent. Net income for the six months amounted to SR330 million, compared to a net income of SR173 million for the same period of previous year with an increase of 91 percent. Earning per share for the six months period amounted to SR0.22 compared to SR0.12 for the same period of previous year. Total operating income for the six months amounted to SR877 million compared to SR569 million for the same period of previous year with an increase of 54 percent. Net income from investments and financing activities amounted to SR677 million compared to SR497 million for the same period of previous year with an increase of 36 percent. Total assets amounted to SR44.19 billion compared to SR32.35 billion as of June 30, 2011. – SG
