The Banking Executive Magazine - October 2023

Saudi Awwal Bank (SAB) achieved net profits valued at SAR 5.14 billion in the first nine months (9M) of 2023 higher by 43.23% year-on-year (YoY) than SAR 3.59 billion. Earnings per share (EPS) increased to SAR 2.50 in 9M-23 from SAR 1.75 in 9M-22, according to the interim fi- nancial statements. The clients’ deposits stood at SAR 228.05 billion as of 30 September 2023, up 12.42% YoY from SAR 202.86 billion. Assets climbed by 13.46% to SAR 340.47 billion in 9M-23 from SAR 300.09 billion a year earlier, while investments rose by 12.71% to SAR 88.79 billion from SAR 78.78 billion. Financials for Q3-23. In the third quarter (Q3) of 2023, the Saudi lender posted 21.51% higher net profits at SAR 1.83 billion, com- pared to SAR 1.50 billion in the year- ago period. On a quarterly basis, the Q3-23 prof- its jumped by 18.06% from SAR 1.55 billion in Q2-23. Saudi Awwal Bank the BANKING EXECUTIVE 42 ISSUE 178 OCTOBER 2023 Saudi Awwal Bank GENERATES 43% HIKE IN 9M-23 NET PROFITS