Saudi Awwal Bank Reports Strong Financial Results for H1 2024
Saudi Awwal Bank (SAB) unveiled its financial performance for the first half of 2024, showcasing impressive results as of June 30.
The bank recorded a net profit of SR4,061 million after Zakat and Income Tax, representing a significant 23% year-on-year increase. Additionally, SAB’s total operating income surged by 10% year-on-year to reach SR6,939 million.
Chair of SAB, Lubna Olayan, expressed her satisfaction with the bank’s performance, stating, “Our H1 2024 results underscore the success of our transformation strategy and our commitment to sustainable growth.”
Olayan highlighted the remarkable growth in SAB’s loan portfolio, particularly in the corporate and retail sectors. The bank’s corporate portfolio expanded across various sectors, driven by strong relationships with institutional clients, multinationals, and domestic corporates. Notably, the mortgage and trade-related businesses also contributed significantly to SAB’s growth.
Embracing digital innovation, SAB has been recognized as the “Best Digital Bank” in Saudi Arabia for 2024 by Euromoney. The bank continues to implement cutting-edge digital solutions to enhance customer satisfaction and increase digital adoption.
With net loans and advances reaching SR242 billion and customer deposits growing to SR264 billion, SAB demonstrated robust financial strength in the first half of 2024. Total equity also saw an 11% increase, reaching SR63 billion.
SAB’s commitment to environmental, social, and governance (ESG) initiatives was acknowledged through accolades such as Global Finance’s ‘Best Bank for Sustainable Finance in Saudi Arabia.’ The bank remains focused on digital innovation and sustainable finance, aiming to solidify its position as a leading financial institution.
Olayan emphasized SAB’s dedication to enhancing its services across various banking sectors, including Corporate Banking, Treasury, and Wealth and Personal Banking. With a strategic partnership with HSBC, SAB is well-positioned to capitalize on future opportunities.
The Board of Saudi Awwal Bank commended its team for their hard work and thanked regulatory authorities and the Ministry of Finance for their support in achieving these outstanding results.
