Saudi Awwal Bank (SAB) Reports Strong Financial Performance in Q3 2024
Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), unveiled the Bank’s financial results for the period ending 30 September, 2024.
Robust Financial Growth
During the first nine months of 2024, SAB achieved a net profit after zakat and income tax of SR5,944 million, marking a 16% increase compared to the previous year. Total operating income also saw a 10% rise, reaching SR10,467 million.
Strategic Success
Lubna Olayan, Chair of SAB, expressed her satisfaction with the bank’s continued strong financial performance. The results for Q3 2024 showcased the success of SAB’s strategy, with growth and strong performance across all customer segments. The year-to-date Return on Tangible Equity (RoTE) reached an impressive 15.8%.
Loan and Deposit Growth
Net loans and advances reached SR252 billion, reflecting a 17% year-to-date increase and a 19% year-on-year growth. Customer deposits also grew, reaching SR261 billion, with an 8% year-to-date increase and a 14% year-on-year growth.
Market Outpacing Growth
SAB continues to expand its loan portfolio in both corporate and retail sectors, with year-on-year growth rates of 18% and 24% respectively. The bank’s strategic use of funding and capital resources has allowed for sustained sequential revenue growth.
Commitment to Sustainability
SAB’s total equity for Q3 stood at SR64 billion, reflecting a 4% year-to-date increase and a 16% year-on-year growth. The results highlight the bank’s strong capital position and long-term sustainability commitment.
Embracing Transformation
Aligned with SAB’s growth strategy, the bank continues to invest in digital transformation programs to enhance its digital offerings and ensure a personalized digital experience for customers.
Recognition and Global Presence
SAB’s efforts in sustainable finance projects earned the bank Euromoney’s “Best Bank for ESG” award for the second consecutive year. The bank’s global presence was also strengthened through partnerships with companies like UnionPay, enhancing the digital payment ecosystem in the Kingdom.
Looking Ahead
Olayan expressed optimism despite challenges, highlighting confidence in the Saudi Vision 2030-driven transformation. The strong financial position and strategic partnerships position SAB well to capitalize on future opportunities.
