Your browser is out of date

The browser you are using is outdated and may not display all the features of this website correctly. For the best online experience on sabb.com and improved safety features, we recommend that you update to the latest version of the browser.

Update your browser Skip and continue

SAB generated SAR5.1 billion of net profit for the first nine months of 2023 - an increase of 43% compared to 2022

October 2023

  • SAB’s Q3 2023 net profit before Zakat & Income Tax was recorded at SAR2,118 million – a record quarter
  • SAB’s profit before Zakat & Income Tax for the first nine months of 2023 was recorded at SAR6,109 million
  • SAB’s operating income grew to SAR9,532 million for the first nine months of 2023, compared to SAR6,870 million from the same period last year
  • SAB’s customer loans grew 15% from Q3 2022
  • SAB’s customer deposits went up 12% from Q3 2022

Riyadh, Saudi Arabia, 26\10\ 2023 - Saudi Awwal Bank today announced its financial results for the third quarter and the first nine months of 2023.

This quarter, SAB generated a net profit of SAR1,830 million, representing a growth of 22% compared to last year (Q3 2022) and 18% growth compared to Q2 2023.

The Q3 results included 15% growth in net customer loans to SAR211 billion, compared to Q3 last year. The sustained loan growth for the period highlights the potential market growth for the bank with a strong pipeline for 2024.

The bank’s operating income for the quarter was SAR3,247 million, compared to SAR2,615 million from last year – an increase of 24% and a record.

SAB’s customer deposits stood at SAR228 billion, up by 12% from Q3 2022.

Lubna Olayan, Chair, SAB, said: “The Q3 results are extremely strong and demonstrate SAB’s progress in achieving its strategic goals and growth targets. These figures, sustained returns and financial KPIs are all in line with our plan, and we are proud that the bank has shown robust growth this quarter. It also reflects the proactive steps we have taken over the last year to protect our balance sheet as we move through the rate cycle.”

She added: “We are grateful to our board members, colleagues and clients for their continued support and unwavering commitment, without whom this growth and these results wouldn’t have been achieved. I also once again want to acknowledge that our strategic partnership with HSBC and support and guidance of the Saudi Central Bank have played a pivotal role in our achieving these results.”

SAB’s Environmental, Social and Governance strategy is being actively pursued and resulted in the allocation of capital to green and sustainable businesses. In addition, SAB’s new headquarters inaugurated this month is SmartScore Platinum Certified and LEED Gold-certified.