Saudi Hollandi Bank announced on Saturday, April 28, net profits of $29.7 million for the first quarter of 2001, up 27 percent compared to $23.4 million figure in the same period of the previous year.
The bank attributed the sharp rise in profits to the relatively stabile oil prices, which in turn has a positive effect on the Saudi Arabian economy.
The bank reported that its total assets rose 11 percent, from $5.3 billion in March 2000, to $5.9 billion in March of this year. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
