Saudi Awwal Bank (SAB) posted a net income of SAR3.314 billion ($883.6 million) representing a 59% increase from 2022 for the first six months of the period ending on June 30, 2023.

 

Its total operating income reached SAR6,284 million, an increase of 48% from last year. Displaying strong performance, its gross loan portfolio exceeded SAR200 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.

 

Customer deposits increased to SAR223 billion, climbing 4% from Q4 2022 and 7% from H1 2022, and H1 net customer advances reached SAR199 billion, a leap of 8% from 2022. In addition, SAB’s shareholders’ equity increased 5% from H1 2022 to reach SAR57 billion.

 

Lubna Olayan, Chair, SAB, stated: “The bank’s financial performance showcases the success of our transformation strategy, which we remain committed to delivering.”

 

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

 

“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.” –TradeArabia News Service