Saudi Hol­landi Bank Q3 net profit slumps

Kuwait Times - - BUSINESS -

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.

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