Saudi Hollandi Bank Q3 net profit slumps
DUBAI: Saudi Hollandi Bank, Saudi Arabia’s oldest lender, posted a 46.7 percent fall in third-quarter net profit yesterday, widely missing analysts forecasts as it was forced to set aside cash to cover an increase in bad loans. The lender made a profit of 262.8 million riyals ($70.1 million) in the three months to Sept. 30, down from 493.0 million riyals in the corresponding quarter of 2015, according to a bourse filing. Three analysts polled by Reuters had forecast on average Saudi Hollandi would make a quarterly profit of 506.4 million riyals. The bank cited a 67.6 percent rise in total operating expenses for the lower earnings, mainly due to an increase in impairment charges.