Saudi Awwal Bank reports 16 percent growth in Q1 net profit at SR2 bn

Saudi Awwal Bank reports 16 percent growth in Q1 net profit at SR2 bn

Lubna S. Olayan, chair of the board of directors of Saudi Awwal Bank, announced the bank’s financial results for the period ending March 31.

SAB recorded a net profit after zakat and income tax of SR2.04 billion ($543.9 million) for the period ending March 31, representing an increase of 16 percent compared to the same period of 2023. The total operating income rose 7 percent to SR3.44 billion.

Commenting on the financial results, Olayan said: “I am delighted to share with you the highlights of our achievements in the first quarter of 2024. It has been an exceptional period for SAB, marked by achieving significant milestones and continued success.

“Our loan growth has been remarkable, outpacing the market with a solid 6 percent year-to-date increase. This growth has been primarily driven by institutional and large corporate businesses, showcasing the strength of our offerings in these segments. Notably, our mortgage growth has also been a key component of growth, with a commendable 16 percent origination market share.”

She said SAB’s trade-related business has experienced a similar upward trajectory, rising by 6 percent, with multinational activity continuing to expand, underscoring the bank’s global reach and influence.

Olayan added: “In addition, I am pleased to announce that we