* Q4 net profit 347.3 mln riyals vs 313.4 mln yr-ago -
* 2013 net profit 1.5 bln riyals vs 1.25 bln in 2012
DUBAI Jan 8 Saudi Hollandi Bank,
Saudi Arabia's oldest lender, missed analyst expectations
despite posting a 10.8 percent rise in fourth-quarter net
The lender, partly-owned by Royal Bank of Scotland,
said in a bourse filing on Wednesday it made 347.3 million
riyals ($92.6 million) in the three months to Dec. 31, compared
with 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.
The bank's net profit for the quarter was boosted by a 22
percent jump in total operating income to 671.1 million riyals,
while profit from special commissions grew 23.8 percent
year-on-year to 427.1 million riyals.
Its full-year net profit was 1.5 billion riyals, a 19.8
percent increase on 2012, which it attributed to higher
operating income. That rose 17.9 percent in 2013 to 2.62 billion
Saudi firms issue brief earnings statements early in the
reporting period before publishing more detailed results later.
Saudi Arabian banks are benefiting from a positive economic
climate, as years of high oil prices and government surpluses
have pushed state spending to record levels, with high loan
growth a big driver of profit growth.
Saudi Hollandi's loans portfolio stood at 53.7 billion
riyals on Dec. 31, 18.5 percent higher than the same point of
Many lenders have been raising capital in recent months to
strengthen their reserves, with Saudi Hollandi completing a 2.5
billion riyal capital-boosting Islamic bond issue in December.
The sukuk led NCB Capital to upgrade the stock to overweight
on Dec. 25 as a sign of strong future loan growth offsetting the
risk to net interest margins from higher cost of funding.
Its deposit base gained 14.8 percent year-on-year to 61.9
billion riyals at the end of 2013.
Saudi Hollandi's board recommended a 2013 cash dividend of 1
riyal per share last month, in line with the previous year.