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  • SABB recorded a net income of SAR 1,004 million for the three-month period ended 31 March 2022

    May 2022


    Ms. Lubna Sulaiman Olayan, Chair of the Board of Directors of SABB Bank, announced that SABB performance into the first quarter of 2022 continued to build upon the achievements of 2021. The Bank generated a net income of SAR 1,004 million for the three-month period ended 31 March 2022, compared to a net income of SAR 970 million for the same period in 2021, an increase of 4%. She also noted that total operating income amounting to SAR 2,112 million for the period ending on 31 Mar 2022 represented an increase of 4% over the same period in 2021. Meanwhile, fees from banking services amounted to SAR 339 million, compared to SAR 300 million, an increase of 13%. Additionally, exchange income amounted to SAR 179 million, compared to SAR 130 million, an increase of 37%. Market expectations for global benchmark interest rates point towards a return to a more normalized rate environment, which will further benefit SABB’s future revenue generation.

    The Bank’s Chair further explained that shareholders’ equity reached SAR 54 billion, compared to SAR 52 billion for the same period in 2021, an increase of 3%. Moreover, total assets reached SAR 283 billion, compared to SAR 272 billion for the same period in 2021, an increase of 4%. The Bank's financing portfolio amounted to SAR 176 million, an increase of 12% compared to the same period in 2021. Customer deposits rose to SAR 194 billion, an increase of 6%.

    With these results, the Bank achieved a return on average assets of 1.5%, while the return on average tangible equity was 9.7% and earnings per share amounted to SAR 0.49.

    Ms. Olayan highlighted that the Bank continues to pursue its strategic plan, with growth remaining firmly on track and a robust performance across all businesses during the first quarter. Corporate sentiment looks increasingly positive and originations continued at pace, more than offsetting repayments and resulting in 4% loan growth. SABB’s involvement in some of the Kingdom’s transformation programs included its continued support of the Red Sea Development Project through acting as the lead arranger on a SAR 5bn project-financing deal to create and manage the utilities infrastructure and financing the construction of ‘The Avenues-Riyadh’, one of the region’s largest shopping, tourism and entertainment projects. In relation to SABB’s retail business, the investments made in developing a fuller suite of REDF mortgage products and features towards the end of last year resulted in a marked improvement in originations in the first quarter compared with the last quarter of 2021; overall retail loan growth for the quarter was 7%.

    SABB’s engagement in these areas demonstrates its focus and leadership across several of the key Vision 2030 transformative programs. Earlier in April of this year awarded ‘Saudi Arabia’s Best Bank 2022’ by Global Finance Magazine, an award based upon a wide range of criteria including profitability, geographical scope, strategic relations, business development and product innovation. Ms Olayan noted that, as ever, SABB was pleased to receive external recognition for its developments and innovation, as well as for delivering a robust set of financials.

    Ms. Olayan thanked SABB’s customers for their confidence in SABB, and its staff, senior management and Board members for their hard work and dedication in delivering on the promises and challenging commitments set for the Bank. And finally, she expressed the Bank’s gratitude to the Central Bank and other government entities for their vision, guidance and support.


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