Riyadh-Mubasher: Saudi Hollandi Bank (SHB), the kingdom’s oldest lender, recorded SAR 451 million in net earnings for the fourth quarter of 2015, a fall of 2% compared with SAR 462 million in the year-ago period.
Full-year net profits increased 11% year-on-year from SAR 1.8 billion to SAR 2.02 billion.
The lender attributed Q4 profit decline to a 19.4% rise in total operating expenses due to raising employees’ salaries.
The full-year profit rise was fuelled by a 13.1% increase in total operating income, the bank added.
