Riyadh – Mubasher: Saudi Awwal Bank (SAB) recorded a 15.75% year-on-year (YoY) growth in net profit to SAR 2.04 billion during the first quarter (Q1) of 2024, compared with SAR 1.76 billion.

On a quarterly basis, SAB’s net profits in Q1-24 were 9.95% higher than SAR 1.85 billion in Q4-23.

The earnings per share (EPS) went up to SAR 0.96 at the end of March 2024 when compared with SAR 0.86 in the same period last year, according to the financial results.

Customer deposits increased by 11.40% to SAR 251.76 billion as of 31 March 2024 from SAR 225.98 billion in the same period last year.

The assets reached SAR 369.61 billion at the end of March this year, signalling a 12.38% rise from SAR 328.88 billion in the corresponding period in 2023. Meanwhile, the bank’s investments went up by 1.07% to SAR 91.95 billion from SAR 90.97 billion. 

In 2023, SAB registered net profits worth SAR 7 billion, while its customer deposits totalled SAR 240.94 billion.