Saudi Hollandi says Q4 loss not linked to subprime
RIYADH, Jan 26 (Reuters) - Saudi Hollandi Bank 1040.SE said on Saturday its "credit losses" had nothing to do with the U.S. subprime crisis and were provisions for bad debts, which led to a net loss in the fourth quarter.
Hollandi Bank, in which ABN Amro AAH.AS has a 40 percent stake, reported a net loss of 106.3 million riyals ($28.3 million) in the fourth quarter, which it attributed to credit losses and a decline in banking fees. Its statement on the stock market Web site did not specify what the credit losses were.
"(The credit losses) have nothing to do with the subprime crisis. We had to make provisions for bad loans," bank spokesman Farid Zouq told Reuters.
The bank made a net profit of 289.9 million riyals in the fourth quarter of 2006, Saudi Hollandi said in the statement.
Analysts forecast Hollandi would make a fourth quarter profit of between 185 million riyals and 244 million riyals, according to a Reuters survey last month. (Reporting by Souhail Karam)
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