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  • SAB generates SAR3.3 billion of net income in H1 2023, up 59% from H1 2022

    July 2023


    • SAB’s H1 2023 profit before zakat and tax is recorded at SAR3,991 million, up 61% from H1 2022
    • SAB’s H1 2023 total operating income is at SAR6,284 million, up 48% from 2022
    • SAB’s customer loans for H1 2023 are SAR199 billion, up 8% from Q4 2022
    • SAB’s customer deposits for H1 2023 are SAR223 billion, up 4% from Q4 2022

    Riyadh, Saudi Arabia, 27 July 2023 - Saudi Awwal Bank (SAB) today announced its financial results for the first six months of the period ending on June 30, 2023.

    SAB posted a net income of SAR3,314 million representing a 59% increase from 2022. Its total operating income reached SAR6,284 million, an increase of 48% from last year. Displaying strong performance, its gross loan portfolio exceeded SAR200 billion for the first time in the bank’s history.

    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.

    Customer deposits increased to SAR223 billion, climbing 4% from Q4 2022 and 7% from H1 2022, and H1 net customer advances reached SAR199 billion, a leap of 8% from 2022. In addition, SAB’s shareholders’ equity increased 5% from H1 2022 to reach SAR57 billion.

    Lubna Olayan, Chair, SAB, stated: “The bank’s financial performance showcases the success of our transformation strategy, which we remain committed to delivering.”

    She added: “SAB’s transformation has continued amidst its sustained high level of support to our retail, corporate and institutional customers. SAB’s financials are growing in line with its transformation plans, delivering on core financial fundamentals.

    The board is proud of our colleagues 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 partnership with HSBC. On behalf of the board, I would like to thank SAMA, CMA and other government agencies for their continued unwavering support.”


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