Saudi Hollandi Bank q4 net profit 347.3 mln riyals, misses expectations

DUBAI Wed Jan 8, 2014 8:10am EST

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DUBAI Jan 8 (Reuters) - Saudi Hollandi Bank, Saudi Arabia's oldest lender, posted a 10.8 percent rise in fourth-quarter net profit, missing analyst expectations.

The lender, partly-owned by Royal Bank of Scotland, said it made 347.3 million riyals ($92.60 million) in the three months to Dec. 31 compared to 313.4 million riyals in the corresponding quarter of 2012.

Six analysts surveyed by Reuters had forecast it would post, on average, a net profit of 375 million riyals.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Its full-year net profit for 2013 was 1.5 billion riyals, a 19.8 percent increase on the previous year, which it attributed to 1.25 billion riyals.

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