The Banking Executive Magazine - August 2023 Issue

SAB SAB'S NET INCOME SOARS TO $879MLN IN H1 Saudi Awwal Bank (SAB) has deliv- ered solid results for the first six months of the year with its net in- come 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 in- come 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 (formerly Saudi British Bank - SABB) is one of the largest banks in Saudi Arabia dating back nearly 100 years and has since been an active partner in supporting the kingdom's economic growth and social devel- opment. It offers a variety of financial and banking services, including corpo- rate and investment banking, private banking and treasury service. 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 sharehold- ers’ 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 trans- formation strategy, which we remain committed to delivering." "SAB’s transformation has continued amidst its sustained high level of sup- port to our retail, corporate and insti- tutional customers. Its financials are growing in line with its transforma- tion plans, delivering on core finan- cial fundamentals," stated Olayan. "The board is proud of our col- leagues 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 part- nership with HSBC. On behalf of the board, I would like to thank SAMA, CMA and other government agencies for their continued unwavering sup- port," she added ISSUE 176 AUGUST 2023 the BANKING EXECUTIVE 41