Saudi Awwal Bank (SAB) has delivered solid results for the first six months of the year with its net income surging by 59% to hit SR3.3 billion ($479 million), while its net profit before zakat and tax grew 61% over last year.

 

Announcing its results for the first six months of the period ended June 30, 2023, SAB said its total operating income reached SR6.2 billion, up 48% over last year. 

 

Displaying strong performance, its gross loan portfolio exceeded SR200 billion for the first time in the bank’s history. 

 

SAB’s corporate and institutional business experienced 9% loan growth across several sectors, and the mortgage portfolio, a key part of SAB’s diversification strategy, grew 10% year-to-date, said the statement from the bank. 

 

Customer deposits increased to SR223 billion, climbing 4% from Q4 2022 and 7% from H1 2022, and H1 net customer advances reached SR199 billion, a leap of 8% from 2022. In addition, SAB’s shareholders’ equity increased 5% from H1 2022 to reach SR57 billion.

 

On the solid performance, SAB Chairperson Lubna Olayan said: "The bank’s financial performance showcases the success of our transformation strategy, which we remain committed to delivering."

 

"SAB’s transformation has continued amidst its sustained high level of support to our retail, corporate and institutional customers. Its financials are growing in line with its transformation plans, delivering on core financial fundamentals," stated Olayan.

 

"The board is proud of our colleagues and the senior management team at the bank, and we are grateful for their hard work and commitment to achieving these strong results. We are also proud of our strategic partnership with HSBC. On behalf of the board, I would like to thank SAMA, CMA and other government agencies for their continued unwavering support," she added.-TradeArabia News Service