Saudi Awwal Bank Records SAR2.1 Billion Net Profit After Zakat and Income Tax for 1Q25 – an Increase of 5% Compared to 1Q24

27 April 2025

Summary of Results for 1Q25:

• Net Profit After Zakat and Income: SAR2,135 million, marking an increase of 5% compared to SAR2,043 million in 1Q24
• Total Operating Income: SAR3,620 million, marking an increase of 5% from SAR3,447 million in 1Q24
• Net Loans and Advances: SAR279 billion, marking an increase of 22% from SAR229 billion in 1Q24
• Customer Deposits: SAR290 billion, marking an increase of 9% from SAR266 billion in 1Q24
• Total Equity: SAR72 billion, marking an increase of 14% from SAR63 billion in 1Q24

Riyadh, Saudi Arabia – 27 April 2025: Ms. Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced today the Bank’s financial results for the period ending 31 March, 2025.

For the first three months of 2025, SAB recorded net profit after zakat and income tax of SAR2,135 million, representing a 5% year-on-year increase. Total operating income rose 5% to SAR3,620 million.

Lubna Olayan, Chair of SAB, commented: “Despite challenging global macroeconomic conditions, we remain confident in Saudi Arabia’s growth story and proud of SAB’s role in supporting that growth through disciplined, quality focused funding.

SAB achieved an 8% growth in total loans quarter-on-quarter, driven by robust retail loan growth of 6% and an 8% growth in corporate activity.

Net loans and advances reached SAR279 billion, marking 22% growth from SAR229 billion in 1Q24. Customer deposits also increased to SAR290 billion, up 9% from SAR266 billion in 1Q24. Meanwhile, total equity rose 14% from SAR63 billion in 1Q24 to SAR72 billion. Despite a lower interest rate environment, SAB’s net special commission income continued to grow, reflecting the bank's increased resilience and operational strength.

We are proud to be the partner of choice for internationally-minded customers, and continue to play a leading role in supporting the growing number of cross-border customers coming into the Kingdom.”

Ms. Olayan stated: “We have maintained positive jaws, indicating effective cost management relative to income growth. Asset quality remains very strong, and our loan growth has been well-matched by strong deposit capture, ensuring a healthy funding base and a resilient capital position. As expected, this translated into a return on tangible equity of 15.8%.

In addition, SAB had an exceptional quarter in corporate loan originations diversified across a number of key sectors. Our mortgage business achieved its best quarter since 1Q24 with a closing mortgage portfolio of SAR 38bn – marking 2x increase in size from when SAB commenced the strategy.

In recognition of our efforts to integrate sustainability as a core strategic pillar across operations, we are proud that SAB was recognized as the “Sustainability Program of the Year 2024” at the Saudi Capital Markets Forum, making the Bank the first financial institution in the Kingdom to receive this recognition. The award acknowledges the Bank’s prominent role in advancing environmental, social, and corporate governance practices within the Saudi economy and market. In addition, Global Finance also honored SAB as the “Best Trade Finance Provider” marking our fifth consecutive year receiving the recognition.

Ms. Olayan added: “Our results reflect our strategic direction, characterized by robust revenue growth and solid loan performance. As we navigate a dynamic global environment, our commitment to innovation and sustainability, in addition to our strategic partnership with HSBC, position us well to capitalize on future opportunities.

This progress could not have been achieved without the commitment and support of our board members, senior management team, and employees. I would also like to thank our regulators—the Saudi Central Bank and the Capital Market Authority—for their guidance and assistance.”