Saudi Hollandi Bank boasted strong net profit growth in the fourth quarter even as bigger local rivals reported increased provisions and falling profits. The bank made a net profit of a riyal equivalent of $82 million in the fourth quarter, against a loss of $28 million in the same quarter in 2007 because of provisions unrelated to the sub-prime crisis. Al Rajhi and Saudi British Bank, on the other hand, reported net profits in the fourth quarter of 2008 down by almost 10% and almost 7% respectively.
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