The Saudi Hollandi Bank (SHB) reported net profit of SR284.4 million for the three-month period ended March 31. This is marginally higher (by 0.7 percent) than the corresponding period last year. 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 percent 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, “SHB is conservatively provided toward its credit and investment portfolios.” Capital adequacy has improved to 13.2 percent from 12.7 percent as at December 2008, through conservative balance sheet management. The balance sheet has grown by over 18 percent since Dec. 31; this growth has largely been liability-driven, resulting in an increase in low risk liquid assets. Loans and advances increased by three percent over the quarter, to SR39.3 billion as at March 31, compared with SR38 billion as at Dec. 31, 2008, according to a press release published today by Arab News.
